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

Research evidence excerpt

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

J P M O R G A N Global Markets Strategy

06 July 2026

Fixed Income Cross Product

Relative Value Monitor

Long-munis richen further. 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 Thursday’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 a recent 1bp tightening, they Nathaniel Rosenbaum, CFA

remain about 1.9 sigma cheap to similar term Corporates over 1-3-5yr horizons. (1-212) 834-2370

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

years, despite the recent 3bps tightening in A1s versus Corporates. J.P. Morgan Securities LLC

Rishad Ahluwalia

In our June 15 report, we noted that 2yr Jumbo Prime were trading at its richest (44-20) 7134-0254