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June 26, 2026

Financial Capital Navigator

Market ReportRates CreditDerivativesFinancials

This report provides a comprehensive guide and recommendation list for subordinated and hybrid bank and insurance bonds (RT1, T1, T2). It offers a current market outlook on financial capital instruments as of June 2026.

Key Takeaways

  • 1.Subordinated bank bond spreads were mixed over the week following progress on the US-Iran conflict.
  • 2.RT1 issuance shifted back to focus on French bancassurance deals in June, while supply remains light compared to FY25.

Table of Contents

  • Highlighted research
  • Recent new issues
  • Current view on Financial capital
  • Attractive rated USD bonds
  • Attractive rated EUR bonds
  • Hold-to-maturity recommendations USD bonds
  • Hold-to-maturity recommendations EUR bonds
  • Hold-to-maturity recommendations GBP bonds
  • Hold-to-maturity recommendations CHF bonds
  • Changes to bond recommendations
  • RT1 bonds overview
  • Hybrid bonds overview
  • Dated Tier 2 bonds overview
  • Issuers mentioned in this report
  • Methodology
  • Abbreviations and definitions
  • 12 month rating history
  • Risk Information

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Authors

Elena GuglielminSebastian PetrichClaudia SiglLidia Casini

Securities

QBE.AXAllianz 4.431% Tier 2 Bond

Themes

Bank capital structureInsurance RT1 bonds

Regions

GlobalEuropeUnited StatesFranceAustralia