2Q26 Earnings: management teams see resilient consumers but remain vigilant

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2Q26 Earnings: management teams see resilient consumers but remain vigilant

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ABS Weekly

2Q26 Earnings: management teams see

resilient consumers but remain vigilant

Mixed trends for spreads but beginning to feel rangebound 24 July 2026

For the week, spreads were tighter for prime auto loan ABS), retail auto lease ABS, auto Securitized Products Strategy

floorplan ABS, and equipment ABS while they were widened for data center ABS and United States

fiber ABS). Spreads were unchanged in remaining sectors, including spreads for whole

business ABS sector which faces headwinds due to cyclospora outbreak that could lead Chris Flanagan

to wider spreads over the near term. Our outlook for spreads remain unchanged. FI/MBS/CLO Strategist BofAS

Specifically, we expect spreads to tighten to their 24-month minimum before becoming +1 646 855 6119

rangebound. Click links for ABS new issue volume and pricing by deal and ABS Spreads christopher.flanagan@bofa.com

time series. TheresaABS StrategistO'Neill

BofAS

Learning from earnings–Consumer lenders in the spotlight +1theresa.oneill@bofa.com646 855 9285

Ally Financial (ALLY): Management saw resilient consumer credit performance in 2Q26 Alvin Fung

and continues to expect a 2026 net charge-off rate of 1.8%-2.0%. American Express ABS Strategist

(AXP): Management said credit performance has been better than expected and expect +1 646 855-9091

to be stable throughout the year. Bread Financial (BFH): Management revised their alvin.fung@bofa.com

2026 outlook. They now expect loan growth in the low- to mid-single digits and net loss

rate of 7.0%-7.1%. Capital One (COF): Management remains constructive on the

See Exhibit 18 on page 22 forconsumer and leaning into growth opportunities across both the card and auto