Bank : What to expect from bank bonds in 2026?

2026 is off to a flying start. In this complex environment, the operating strength and solvency of European banks are a given, reflected in their predominantly investment-grade ratings. These solid fundamentals are key to withstanding any external shocks that may materialise. True, spreads are at low levels and risk is asymmetric after three years of strong performance. But yields remain attractive in absolute and relative terms compared to corporate bonds. We therefore remain cautiously optimistic about this asset class, selecting credits and bonds more carefully today than in the past.