The Financials Statement: EC Communication takeaways, BNS LRCN non-call, 2Q26 Earnings - Week II

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The Financials Statement: EC Communication takeaways, BNS LRCN non-call, 2Q26 Earnings - Week II

J P M O R G A N Europe Credit Research

24 July 2026

The Financials Statement

EC Communication takeaways, BNS LRCN non-call,

2Q26 Earnings - Week II

Europe Corporate Credit - Banking &

Financial Services (IG)

Gareth Davies, CFA AC

(44-20) 3493 0672

gareth.davies@jpmorgan.com

Drishti Sharma, CFA AC

It’s the last day, just enough time for one last appeal…. (44-20) 7134-0278

drishti.sharma@jpmorgan.com

We would greatly appreciate your support in the 2026 Extel/II Global Fixed J.P. Morgan Securities plc

Income Research survey by clicking the voting button below. The

‘Developed Europe: Investment Grade: Banking & Financial Services’

Publications of Note category is extremely competitive and just a handful of votes can make a

meaningful difference. Outlooks

2H26 Outlook: Tweaking half-time tactics

Vote Here 2026 Outlook: Sunny with a Chance of

Curveballs

Once again, thank you for your time and support. 2H25 Outlook: Banking on Banks

Sector Handbooks

Gareth & Drishti

Banks Credit Handbook

Insurance Credit Handbook

Markets Select other publications

Secondary spreads continued to see very modest compression over the week, with Tier 2 & Senior Picks & Pans (June 2026)

€AT1 -2bps tighter, $AT1 more notably 10bps tighter, while both Bank and

Tier 1 Picks & Pans (June 2026)

Insurance €Tier 2 and Senior tranches broadly treaded water, closing unchanged

European CRE Healthcheck: Part Iover the Wednesday-Wednesday period.

European CRE Healthcheck: Part II

European Bank primary markets, meanwhile, drew another blank, while the other European Banks & Private Credit

side of the Atlantic remained busier with both Canadian and US banks printing in Spotlight on… Insurance & Private Credit

size.