Invincible European Financial Credit Spreads

"Credit QuantSight" of Societe Generale was focusing on credit spreads of financials and systemic risk on Monday. Click on charts to enlarge, courtesy of Societe Generale.

Societe Generale concluded:

So, all the macro asset classes we have been looking at seem to disagree with the pessimistic view sent by financial spreads.
... the Senior Financial index is too wide and that systemic risk seems overdone.

Is the risk overdone?