Banks and Non-Bank Financials: North America Credit Research

研报英文原文证据摘录

Banks and Non-Bank Financials: North America Credit Research

North America Credit Research

7/24/2026

Banks and Non-Bank Financials

US Credit Research

Sector Views Kabir Caprihan, CFA Vincent Barretta

Overweight Neutral Underweight (1-212) 834-5613 (1-212) 464-0374

U.S. M.C. Senior H.C. U.S. Regionals Canadian Banks Kabir.x.caprihan@jpmorgan.com Vincent.barretta@jpmorgan.com

Australia/NZ Banks U.S. Subordinated J.P. Morgan Securities LLC J.P. Morgan Securities LLC

Euro Senior Preferred 1 Week MTD QTD 1 Year LTM LTM From From

Euro Senior Non-Preferred 5Y Sector Spread Current Chg Change Change Change Wides Tights Wides Tights

Japanese Banks Money-Center Sr HC 5Y 78 -2 6 -3 3 92 67 -15 11

U.K. Holdco Regionals 5Y 80 -1 5 -5 -8 101 72 -21 7

Finance Companies CanadianJapanese BnksBnks 5Y5Y 6576 20 77 -2-5 -3-3 7889 5466 -13-13 1110

Commentary Aussie Bnks 5Y 56 2 -5 -3 -7 68 49 -13 7

* This week was dominated by earnings from regional banks and consumer finance companies. While the regional banks UK Bnks 5Y 89 1 5 -3 -4 105 76 -16 13

are not seeing the same earnings momentum that the GSIBs did due to the lack of a markets business, the underlying fundamentals FincosJULI Ex 5YEM 5Y 9875 12 05 -17-2 -3-3 14290 8967 -44-15 88

are very solid, with NII growth, steady asset quality, and lower capital but still robust.

* Consumer finance companies including COF, ALLY, and SYF all reported strong numbers with positive commentary on the 10YMoney-CenterSector SpreadSr HC 10Y 91 0 8 -1 3 103 76 -13 15

health of the consumer and demand for credit. COF and ALLY remain Overweights for us. Regionals 10Y 105 0 0 -6 -4 126 94 -21 10

* The focus next week will move to BDC earnings with ARCC reporting on Wednesday. We think the quarter will be strong JULI Ex EM 10Y 94 3 8 3 -2 107 82 -13 11