US Bank Bonds’ 2H 2025 Outlook, Relative Valuation
JPMorgan and Citigroup trail big US peers in surplus bail-in debt, so the lenders could gain from a potential drop in their key constraint, the 4.5% debt requirement in case of bank failure. BI senior credit analyst, Arnold Kakuda, gives his 2H25 outlook and relative valuation for big US bank bonds.