Securitization Weekly

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Securitization Weekly

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Securitized Products Strategy

Overview – A series of close calls: tight spreads, tighter 15 June 2026

ranges Securitized Products Strategy

United States

Reacceleration meets event risk (US-Iran, Fed policy, frothy tech sentiment): pressure

builds within narrow channels. Tight ranges, faster reactions: spread stability holds, but Chris Flanagan

event catalysts could drive quick market moves. Carry-driven securitized markets: rate FI/MBS/CLO Strategist BofAS

vol falls on Iran hopes; quality, structure, duration drive returns. +1 646 855 6119

christopher.flanagan@bofa.com

Agency MBS – My market rallied. My conference recapped. Jeana Curro

Index deep dive. MBSBofASStrategist

With market expecting Middle East resolution, rates rally and spreads tighten. We stay +1jeana.curro@bofa.com646 855 9135

basis neutral on unexciting valuations. Bloomberg conference highlights key MBS Pratik K. Gupta

themes: tight spreads but good technicals, fundamentals. Macro policy = greatest risk. CLO/MBS Strategist

PALI launches so we do a deep dive comparison of key mortgage indicators from GSEs, BofAS+1 646 855 9146

MBA and ICE. Strong correlation to EHS. pratik.gupta@bofa.com

Non-agency MBS - Nationwide housing spurs on; San TheresaABS StrategistO'Neill

Antonio gets (k)nicked in HPA on supply BofAS+1 646 855 9285

theresa.oneill@bofa.com

RMBS AAAs 115-130. Issuance YTD $120bn, over $50bn NQM. 6cap Jumbo Floater

Alan Todd, CFA

160bps = 35bps wider vs Agency. SFR $2.8bn securitizations below historic trend, CMBS Strategist

headwinds: flat HPA, fewer securitizations, policy uncertainty for operators. Apr HPA BofAS

+1 646 855 6383

+0.3%YoY. -0.4 YTD(NSA). Inventory slowing nationally, and significantly in FL. However alan.todd@bofa.com