Fixed Income Cross Product Relative Value Monitor

Research evidence excerpt

Fixed Income Cross Product Relative Value Monitor

J P M O R G A N Global Markets Strategy

09 July 2026

Fixed Income Cross Product

Relative Value Monitor

Long-term tax-exempt munis are 3bp from tightest

valuations vs. Corps in five years. Several securitized

product sectors remain attractive versus long tax-

exempts and U.S. Corps

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 continuing to john.sim@jpmorgan.com

characterize spreads as thin given expected elevated supply. Valuations in Student J.P. Morgan Securities LLC

Loan ABS (Prime AAA) stand out among sectors, widening 1bp this week and Nathaniel Rosenbaum, CFA

now 1.9-2.0 sigma cheap to similar term Corporates over 1-3-5yr horizons. 10- (1-212) 834-2370

year Freddie K (A1 and A2) are unchanged thus far this week, but remain close nathaniel.rosenbaum@jpmorgan.com

to the wides over the past five years. 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

levels in more than five years, as illustrated below they have widened by 5bps rishad.ahluwalia@jpmorgan.com J.P. Morgan Securities plc