2Q26 Earnings: management positive on the consumer but still cautious

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2Q26 Earnings: management positive on the consumer but still cautious

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ABS Weekly

2Q26 Earnings: management positive on

the consumer but still cautious

Mixed trends for spreads but still expect tighter levels 17 July 2026

For the week, spreads were tighter for timeshare ABS, fiber ABS and rental car ABS, Securitized Products Strategy

while spreads were wider for retail auto loan ABS, floorplan ABS, aircraft ABS, United States

equipment ABS, retail auto lease ABS, device payment plan ABS, FFELP ABS, personal

loan ABS, and data center ABS. Spreads were unchanged for remaining sectors. Our Chris Flanagan

outlook for spreads remain unchanged. Specifically, we expect spreads to tighten to FI/MBS/CLO Strategist BofAS

their 24-month minimum before becoming rangebound. Click links for ABS new issue +1 646 855 6119

volume and pricing by deal and ABS Spreads time series. christopher.flanagan@bofa.com

Theresa O'Neill

Learning from earnings ABSBofASStrategist

Citigroup: Management expects a net credit loss rate for U.S. credit card portfolio of +1theresa.oneill@bofa.com646 855 9285

4.0% - 4.5% in 2026 versus 4.3% in 2025. They also expect the allowance in credit Alvin Fung

losses to be a function of macroeconomic environment and business volumes. For 2Q2, ABS Strategist

BofAS

30+ day delinquencies declined YoY and QoQ across USCC and PLCC, while net charge- +1 646 855-9091

offs fell YoY and were mixed QoQ. alvin.fung@bofa.com

JPMorgan Chase: Management revised their expectations for full-year card net

charge-off rate to ~3.2% compared to a previous rate ~3.4% and an actual rate of 3.3% See Exhibit 24 on page 22 for

in 2025. Credit metrics improved for both the auto and credit card portfolios in 2Q26 commonly used acronyms