Financial Capital Navigator

Latest edition · July 23, 2026

Financial Capital Navigator en 1663828

This report provides a market update on financial capital, highlighting the widening of subordinated bond spreads following geopolitical tensions and analyzing recent bank earnings.

The 'Financial Capital Navigator' dated 23 July 2026 reports that subordinated bond spreads have widened due to the breakdown of the US-Iran ceasefire. It covers updates on 2Q26 earnings for major European lenders like Banco Santander and BNP Paribas, while providing a comprehensive catalogue of recommended USD, EUR, GBP, and CHF bonds across Tier 2, RT1, and hybrid capital tiers.

Key takeaways from the latest edition

• 1.Subordinated bond spreads widened over the past week due to geopolitical tensions (US-Iran ceasefire breakdown).
• 2.The 2Q26 earnings season is gaining momentum with major European banks like Banco Santander and BNP Paribas reporting mixed results.

What this series covers

• Financial Capital Navigator
• 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
• 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

Edition archive

• Financial Capital Navigator en 1663828

  July 23, 2026

• Financial Capital Navigator en 1662730

  July 3, 2026

• Financial Capital Navigator en 1662313

  June 26, 2026

• Financial Capital Navigator en 1662009

  June 19, 2026

• Financial Capital Navigator en 1661402

  June 11, 2026

• Financial Capital Navigator en 1661171

  June 6, 2026