Bank : What to expect from bank bonds in 2025?

The year 2025 will undoubtedly bring its share of surprises and volatility on the markets. These are entry point, some would say, given the lack of sparkle in current spreads. Still, even without waiting, the carry is far from unattractive on financials, and first and foremost subordinated bonds. True, we prefer to seek yield in subordination rather than credit risk. This is because solid fundamentals, reflected in ample capital ratios, are key to withstanding any external shocks that may materialise.