Bond Top List

UBS presents its comprehensive Bond Top List for June 2026, categorizing recommended credit instruments into hold-to-maturity and short-term relative value lists across major currencies.

Key Takeaways

• 1.The Hold-to-maturity (HTM) list identifies attractive investment grade and non-investment grade bonds specifically for private investors planning to hold until redemption.
• 2.Relative Value (RV) recommendations target short-term trading, distinguishing between 'attractive' bonds (expected to exceed benchmarks) and 'expensive' bonds (expected to lag).
• 3.Corporate hybrids and bank Tier 2 bonds are identified as higher-risk subordinated instruments subject to coupon deferral and extension risks.

Table of Contents

• Guidance on list sections and subordinated bonds
• Analyst contacts
• Publications
• Issuer views
• Additions to hold-to-maturity list
• Removals from hold-to-maturity list
• USD Non-financial corporates
• USD Financials (senior bonds)
• USD High yield bonds
• USD Government, agency and covered bonds
• EUR Non-financial corporates
• EUR Financials (senior bonds)
• EUR High yield bonds
• EUR Government, agency and covered bonds
• Corporate hybrid bonds (subordinated)
• Financial subordinated bonds
• CHF Bonds
• GBP Bonds
• AUD Bonds
• CAD Bonds
• JPY Bonds
• Other recommendations
• USD Sustainable bonds
• EUR Sustainable bonds
• Other sustainable bonds
• Floating rate notes
• Inflation-linked bonds
• Relative value recommendations: changes
• Attractive investment grade bonds
• Attractive high yield bonds
• Attractive corporate hybrid bonds (subordinated)
• Expensive and Sell recommendations
• Issuer list