Securitized Products Weekly

Research evidence excerpt

Securitized Products Weekly

Global Markets Research

16 July 2026Securitized Products Weekly

Securitized Products - North America

Research Analysts

Securitized Products Weekly US Securitized Products

Paul Nikodem - NSI

paul.nikodem@nomura.com

Agency MBS +1 212 667 2130

This week, 10yr Treasuries rallied following a downside surprise in June CPI while the Rohit Sinha - NSI

MBS basis remained largely unchanged. We remain constructive on the MBS basis in the Rohit.Sinha@nomura.com

+1 212 298 4905back half of the year as supply declines and bank/overseas/passive fund demand are

expected to remain robust. TIC data showed a sharp increase in overseas demand in Chinmay Kulkarni - NSI

May, bringing YTD net additions to $70bn. Active fund statistics released this week chinmay.kulkarni1@nomura.com

+ 1 212 298 4598showed that fund managers reduced their MBS overweights further in June. Separately,

we discuss our recommendations within low payup specs in light of recent payup decline. Joseph Gais - NSI

Despite the worsening convexity, we favor investor/2nd homes/FTHB LTV over higher LB joseph.gais@nomura.com

(350k-450k) pools. Additionally, we discuss recent trends in RHS issuance, prepays and +1 212 667 2028

relative value. Early WALA ramps for RHS have steepened slightly given that the USDA Vivek Chauhan - NSI

lowered the seasoning requirement for refinancing. RHS pools are not attractive from a vivek.chauhan@nomura.com

relative value perspective. + 1 212 667 2290

Shreya Pal - NSI

Mortgage Credit shreya.pal1@nomura.com

In RMBS, ten deals totaling $5bn priced this week, bringing YTD issuance to $140bn. + 1 212 667 2183

HELOC issuance has continued to increase in recent years due to the elevated mortgage Daivaksh Patel - NSI

rate environment.