Fixed Income Cross Product Relative Value Monitor: Long-munis richen. Several securitized product sectors remain attractive versus U.S. Corporates

Research evidence excerpt

Fixed Income Cross Product Relative Value Monitor: Long-munis richen. Several securitized product sectors remain attractive versus U.S. Corporates

J P M O R G A N Global Markets Strategy

02 July 2026

Fixed Income Cross Product

Relative Value Monitor

Long-munis richen. Several securitized product sectors

remain attractive versus U.S. Corporates

Good morning, this Cross Products Relative Value Report is intended to provide Securitized Products & Public

an efficient high-level rich/cheap analysis of fixed-income products relative to IG Finance Municipals Strategy

Corporates. Securities appearing at the top of the maturity/average-life band are Peter DeGroot AC

rich versus IG corporates, while spreads on bonds near the bottom are trading at (1-212) 834-7293

cheaper levels versus corporates. peter.degroot@jpmorgan.com

J.P. Morgan Securities LLC

Based on yesterday’s close, several securitized product sectors appear John Sim

(1-212) 834-3124

attractive versus U.S. Corporates, with our corporate strategy team characterizing john.sim@jpmorgan.com

spreads as thin given the broader technical backdrop. Valuations in Student Loan J.P. Morgan Securities LLC

ABS (Prime AAA) stand out among sectors, despite tightening by 1bp versus the Nathaniel Rosenbaum, CFA

week prior, they remain about two sigma cheap to similar term Corporates over (1-212) 834-2370

five-year horizon. 10-year Freddie K (A1 and A2) are also close to the wides over nathaniel.rosenbaum@jpmorgan.com

the past five-years, despite the A1s tightening 3bps week-over-week versus J.P. Morgan Securities LLC

Corporates. Rishad Ahluwalia

(44-20) 7134-0254

In our June 15 report, we noted that 2yr Jumbo Prime were trading at its richest rishad.ahluwalia@jpmorgan.com J.P. Morgan Securities plc