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
Document Preview
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Elena GuglielminSebastian PetrichClaudia SiglLidia Casini
Securities
QBE.AXAllianz 4.431% Tier 2 Bond
Themes
Bank capital structureInsurance RT1 bonds
Regions
GlobalEuropeUnited StatesFranceAustralia
