跨大西洋每周混合资本监测

FICCResearchCreditStrategy6June2025 HybridCapital CrossAtlanticWeeklyHybridMonitor WeupdatethelatestperformanceandvaluationsmetricsforEuropeanandUShybridcapital(AT1,BankPreferred,LT2,SubInco,CorporateHybrids). REGISTERfortheBarclaysHybrids&CapitalConference2025.This,ourthirdHybrids&CapitalConference,isauniquetwo-dayeventthatcoversallhybridcapitalsegments.Barclayswillhostascheduleofpaneldiscussionswithhybridissuers,investors,industryexperts,regulatorsandratingagencies.ThiseventwillbehostedatTheMayFairHotel,London,on: •Wednesday,24September2025-FinancialInstitutionsCapitalInstruments (banks,insurancecompaniesanddevelopmentbanks) •Thursday,25September2025-CorporateHybrids Theagendawillalsoincludeaselectionofissuershostingprivateone-on-oneandgroupmeetingswithinvestors.Clickhereforthedetailedagenda. Linkstoourrecenthybridcapitalcontent: HybridCapital:Europeancorporatehybridsmodel,6June2025Corporatehybrids:Theendlesssummer,5June2025 Corporatehybridscasestudy:Suedzuckeronthepathofredemption,30May2025Anewmove:FMCentersthehybridmarket,20May2025 RefreshingourAT1-LT2switches,16May2025 HybridCapital:TenneT:aninterestingcasestudy,7May2025 HybridCapital:LT2model–fromdevelopmenttoapplication,2May2025 SorenWillemann +44(0)2077739983 soren.willemann@barclays.comBarclays,UK FranckBataille +33(0)144583221 franck.bataille@barclays.comBBI,Paris BradfordElliott,CFA +12125266704 bradford.elliott@barclays.comBCI,US KhushPatel +44(0)2077734647 khush.patel@barclays.comBarclays,UK ParikshitBudhe +91(0)2261751815 parikshit.budhe@barclays.comBarclays,UK ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport. Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage12. Completed:06-Jun-25,07:24GMTReleased:06-Jun-25,07:29GMTRestricted-External sprd p'ctile €-IGindex3.1% 89 66% 0 -10 -23 5 4 -1 €corphybridsto4.6% 229 43% -19 -28 -73 13 6 -2 €-IGBankSenPref2.7% 59 27% 2 -9 -21 0 -4 -10 €-IGBankSen2.9% 77 22% 0 -13 -27 1 -4 -12 €-IGBankLT2s3.7% 156 22% -4 -20 -44 15 -1 -9 €AT1CoCosto5.7% 343 27% -13 -39 -141 23 8 -3 €-IGSubIncos4.0% 163 43% -4 -19 -48 10 3 -1 PEHYex-fin5.5% 310 48% -17 -52 -139 -2 12 -1 PEHYex-finBBs4.2% 189 38% -16 -39 -112 7 6 -4 PEHYex-finBs5.9% 326 25% -29 -71 -177 5 16 4 FIGURE1.EuropeanRVMonitor Z-spread(bp)Changesince… Currentyield Current 12mth 1W1M2M3M6MYTD call Non-Pref call Source:Bloomberg,BarclaysResearch Currentyield Currentsprd 12mthp'ctile 1W 1M 2M 3M 6M YTD Industrials6.2% 241 5% -14 -98 -143 -28 -8 -25 Electric7.0% 298 78% -8 -55 -69 15 77 64 USbankprefs6.0% 219 51% -9 -78 -127 1 27 11 FinCos6.6% 262 17% -9 -100 -198 -25 11 -13 USRegionalBank5.8% 226 4% -9 -116 -201 -44 -11 -42 Insurance5.9% 197 5% -8 -61 -98 -19 0 -14 FIGURE2.USRVMonitor Z-spread(bp)Changesince… Prefs Source:Bloomberg,BarclaysResearch EuropeanHybrids EuropeanCorporateHybrids SpreadDifferentials FIGURE3.HybridsvsSeniorex-RealEstate(Issuer-andmaturity-matchedsetofpairs) FIGURE4.€CorphybridsvsPEHYex-finBBs €CorphybridsvsPEHYex-finBBsDiff.(40bp) 50 100 80 60 40 20 0 -20 Jun22Dec22Jun23Dec23Jun24Dec24 Source:Bloomberg,BarclaysResearchSource:Bloomberg,BarclaysResearch FIGURE5.€Corphybridsvs€-IGBankLT2sFIGURE6.Xovervs€Corphybrids 150 100 50 0 -50 Jun22Dec22Jun23Dec23Jun24Dec24 350 €Corphybridsvs€-IGBankLT2sDiff.(73bp) 41 Xovervs€CorphybridsDiff.(63bp) 119 300 250 200 150 100 50 0 Jun22Dec22Jun23Dec23Jun24Dec24 Source:Bloomberg,BarclaysResearchSource:Bloomberg,BarclaysResearch SpreadRatios FIGURE7.Hybridsvs€-IGindexspreadratioFIGURE8.€CorphybridsvsPEHYex-finBBsspreadratio €corphybridstocallvsPEHYex-finBBsspreadratio(1.2x) 1.2x 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1.0 0.9 0.8 Jun22Dec22Jun23Dec23Jun24Dec24 Source:Bloomberg,BarclaysResearchSource:Bloomberg,BarclaysResearch FIGURE9.€Corphybridsvs€-IGBankLT2sspreadratioFIGURE10.Xovervs€Corphybridsspreadratio €corphybridstocallvs€-IGBankLT2sspreadratio(1.5x) 1.2x 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1.0 0.9 0.8 Jun22Dec22Jun23Dec23Jun24Dec24 2.1 €corphybridstocallvsXoverratio(1.3x) 1.4x 1.9 1.7 1.5 1.3 1.1 0.9 Jun22Dec22Jun23Dec23Jun24Dec24 Source:Bloomberg,BarclaysResearchSource:Bloomberg,BarclaysResearch EuropeanFinancialHybrids BankHybrids-MatchedPairs FIGURE11.€AT1vs€LT2(Issuer-andmaturity-matchedsetofpairs)FIGURE12.€AT1vs€LT2ratio(Issuer-andmaturity-matchedsetof pairs) €AT1/LT2ZTCratio 2.3x 2.7x 2.6x 2.5x 2.4x 2.3x 2.2x 2.1x 2.0x 1.9x 1.8x 1.7x Jun-22Feb-23Oct-23Jun-24Feb-25 Source:Bloomberg,BarclaysResearchSource:Bloomberg,BarclaysResearch FIGURE13.€LT2vs€SNP(Issuer-andmaturity-matchedsetofpairs)FIGURE14.€LT2vs€SNPratio(Issuer-andmaturity-matchedsetof pairs) z-sprd(tocall),bp €LT2-SenNPbasis(RHA)(60bp) €SenNP(65bp) €LT2(122bp) 400 300 200 100 0 Jun-22Feb-23