US Banks Strength Stability and Attractive Carry

The US Big 6 banks reported strong 1Q26 earnings, and UBS maintains stable credit outlooks for all. Despite tight spreads, bank bond yields remain attractive, with Goldman Sachs now upgraded to the Preferred list.

Key Takeaways

• 1.The US Big 6 banks delivered solid 1Q26 earnings with strong revenues and disciplined expense management.
• 2.Stable issuer credit outlooks are maintained for all six major banks due to strong asset quality and liquidity.
• 3.Yields for US bank bonds remain attractive despite tight spreads, offering compelling carry for investors.

Table of Contents

• Strong 1Q earnings results
• Private credit in focus
• Primary issuance exceeding expectations
• Stable issuer credit outlooks
• Attractive opportunities in US bank bonds
• Goldman moved to Preferred list
• Box: Basel 3 Endgame and GSIB surcharge proposals

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