Financial Capital Navigator

The Financial Capital Navigator reviews the current landscape for subordinated bank and insurance debt, highlighting stable spreads and robust fundamental capital positions (16% CET1) in European banks.

Key Takeaways

• 1.Subordinated bank bond spreads remained relatively stable despite weekly volatility; AT1 spreads widened by 5 basis points while Tier 2 increased by 1 basis point.
• 2.European banks show fundamental resilience with an average CET1 capital ratio of 16% as the earnings season concludes.
• 3.Proactive risk management is evident as European banks set aside average provisions of EUR 100mn in Q1 to address geopolitical and Middle East uncertainties.

Table of Contents

• Highlighted research
• Highlighted education notes
• Current view on Financial capital
• Recent new issues
• Attractive rated USD bonds
• Attractive rated EUR bonds
• Hold-to-maturity recommendations USD bonds
• Hold-to-maturity recommendations EUR bonds
• Changes to bond recommendations
• RT1 bonds overview
• Hybrid bonds overview
• Dated Tier 2 bonds overview
• Issuers mentioned in this report
• Introduction to Financial Capital
• Methodology

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