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

13 July 2026

Fixed Income Cross Product

Relative Value Monitor

Long-term tax-exempt munis are now just 2bp from

tights vs. Corps looking back five years. Corps largely

widened 1-2bps vs securitized products last week.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

J.P. Morgan Securities LLC

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

John Sim

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

(1-212) 834-3124

Corporates. Securities appearing at the top of the maturity/average-life band are john.sim@jpmorgan.com

rich versus IG corporates, while spreads on bonds near the bottom are trading at J.P. Morgan Securities LLC

cheaper levels versus corporates. Nathaniel Rosenbaum, CFA

(1-212) 834-2370

Based on last Friday’s close, several securitized product sectors appear nathaniel.rosenbaum@jpmorgan.com

attractive versus U.S. Corporates, with our corporate strategy team continuing to J.P. Morgan Securities LLC

characterize spreads as thin given expected elevated supply. Valuations in Student Rishad Ahluwalia

Loan ABS (Prime AAA) tightened by 1bp since last Wednesday, given a 1bp (44-20) 7134-0254

rishad.ahluwalia@jpmorgan.com

widening in corporates, but are still 1.8-1.9 sigma cheap to similar term Corporates J.P. Morgan Securities plc

over 1-3-5yr horizons. 10-year Freddie K (A1 and A2) tightened by 2bp since last Ye Tian

Wednesday, given widening in corporates, but remain close to the wides over the (1-212) 834-3051

past five years. ye.tian@jpmorgan.com

In our June 15 report, we noted that 2yr Jumbo Prime were trading at its richest