Financial Capital Navigator

18 August 2026, 16:02 UTC Chief Investment Office GWM Investment Research For investors outside of the US

Financial Capital Navigator Chief Investment Office GWM Credit

The instruments on this list are only suitable for sophisticated investors with a high tolerance for price volatility, illiquidity and possible losses of coupon and principal payments. Please refer to our research and education reports as well as the appendix section for a detailed explanation. This list is not a template for the construction of your personal portfolio. Some instruments on this list may be subject to withholding taxes. Indicative instrument valuation data reflects closing prices of previous trading day.

Analyst contacts Credit and bond valuation coverage

Elena Guglielmin, Analyst Italian, Spanish banks, Insurance AT1/CoCo bonds, Hybrids, Tier 2 bonds Sebastian Petrich, Analyst Australia, NZ, French, Irish, UK, Nordic banks Senior bank bonds Claudia Sigl, Analyst German, Austrian, US, Japanese banks Senior and covered bonds Lidia Casini, Analyst Benelux banks Senior bonds

This report has been prepared by UBS Switzerland AG. Analyst certification and required disclosures begin on page 74.UBSFS accepts responsibility for the contents of this report. Page 1 of 80 U.S. persons who receive this report and wish to effect any transactions in any security discussed in this report should do so with UBSFS and not UBS AG.

Highlighted research Highlighted education notes Current view on Financial capital Date Title Date Title as of Reinvestment ideas for late August 07.05.2026 A guide to CIO's credit offering Subordinated bank bond spreads have been steady over the past week, 12.08.2026 Conviction calls to put cash to work 24.09.2025 Bank senior bonds: Types and characteristics amid ongoing tensions between the US and Iran, and the market’s focus on inflation data. Spreads on Tier 2 bonds remained flat and were two 11.08.2026 Trade of the week: Deutsche Bank 25.05.2023 Bank senior bonds bps wider on AT1s. Across the financials space, we saw a strong 2Q KBC Group: Strong 2Q26 results, outlook to Improving results season with the majority of banks beating expectations owing 16.04.2021 A guide to CIO’s credit offering primarily to stronger revenues and robust capital markets businesses. 05.08.2026 News, views & trades 18.08.2017 Discovering US preferred securities Numerous banks also lifted their FY26 guidance, with improved outlooks mainly for revenues, net interest income, and profitability. The sector 30.07.2026 Reinvestment ideas for early August 18.04.2017 Understanding banks continues to demonstrate sustained high profitability driven by elevated 28.07.2026 Global covered bond update 16.08.2013 Subordinated bank bonds net interest income, good fee income growth, solid cost performance, and low cost of risk. This high profitability provides a meaningful buffer 22.07.2026 News, views & trades against unforeseen events or costs, which is credit positive. Banks also 17.07.2026 Bond Theme Focus continue to operate with healthy balance sheets. Asset quality remains sound with non-performing loan ratios stable at a decade low. Private 16.07.2026 Financial focus: Spotlight on risk-reward credit exposure remains an area of concern, although the sector has improved disclosure. The sector also remains strongly capitalized with 16.07.2026 Reinvestment ideas for late July generally reasonable buffers to regulatory requirements. Shareholder 08.07.2026 News, views & trades capital distributions in the form of share buybacks and elevated dividends, and to some extent acquisitions, weigh on the sector’s 07.07.2026 Australian governments and banks capitalization. However, this is offset by strong internal capital 02.07.2026 Reinvestment ideas for early July generation through earnings.

Recent new issues Issue Date Issuing Entity Capital type Maturity Cpn type Coupon Cpn deferrable Equity conv. CoCo/CCN Min piece Credit risk flag Valuation view Indicative market data

ISIN Currency Reg. Call Call date Step-up Cpn after Coupon Principal write- Trigger ratio, Bond rating Segment Accrued Yield to Yield to Mid first call cumulative down level (S&P / Mdy) interest maturity call…