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

16 July 2026

Fixed Income Cross Product

Relative Value Monitor

Long-term tax-exempt munis remain near tights vs.

Corps looking back five years. Corps largely widened

another 2-3bps vs securitized products thus far this

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 yesterday’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, given widening in corporates this week, and (44-20) 7134-0254

rishad.ahluwalia@jpmorgan.com

are now 1.4-1.6 sigma cheap to similar term Corporates over 1-3-5yr horizons. J.P. Morgan Securities plc

10-year Freddie K (A1 and A2) tightened by 2bp, but remain close to the wides Ye Tian

over the past five years. (1-212) 834-3051

ye.tian@jpmorgan.com

2yr Jumbo Prime tightened 10bps and are back to their richest levels in more than J.P. Morgan Securities LLC