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

23 July 2026

Fixed Income Cross Product

Relative Value Monitor

Securitized products largely tightened versus Corps

thus far this week. Long-term tax-exempt munis are just

2bps off of five year tights.

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

Thus far this week, securitized products have generally tightened versus nathaniel.rosenbaum@jpmorgan.com

corporates. However, several securitized product sectors continue to appear J.P. Morgan Securities LLC

attractive. Valuations in Student Loan ABS (Prime AAA) held steady through Rishad Ahluwalia

yesterday, and remain 1.4-1.7 sigma cheap to similar term Corporates over 1-3-5yr (44-20) 7134-0254

rishad.ahluwalia@jpmorgan.com

horizons. 10-year Freddie K (A1 and A2) tightened another 1-2bps, and are J.P. Morgan Securities plc

moving towards the middle of their one-year range, but are towards the wides over Ye Tian

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

ye.tian@jpmorgan.com

2yr Jumbo Prime tightened 10bps last week and are at their richest levels in more J.P. Morgan Securities LLC

than five years, as illustrated below, they are 2.0-2.3 sigma rich across 1-3-5yr

horizons.