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

27 July 2026

Fixed Income Cross Product

Relative Value Monitor

Corporate spreads continued to widen, moving

securitized products tighter versus Corps, with sec

products also somewhat tighter vs. UST. Long tax-

exempts are 3bp off 5-year wides.

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

Last week, securitized products have generally tightened as corporates widened John Sim

(1-212) 834-3124

again. However, several securitized product sectors continue to appear john.sim@jpmorgan.com

attractive as Student Loan ABS (Prime AAA) is 1.2-1.5 sigma cheap to similar J.P. Morgan Securities LLC

term Corporates over 1-3-5yr horizons, versus 1.4-1.7 last week. 10-year Freddie Nathaniel Rosenbaum, CFA

K (A1 and A2) tightened another 4-5bps, and are moving towards the tighter end (1-212) 834-2370

of their one-year range, but are towards the wides over the past five years. 5-year nathaniel.rosenbaum@jpmorgan.com

tax-exempt munis are similarly positioned toward the cheaper-end of the 5- J.P. Morgan Securities LLC

year range. Rishad Ahluwalia

(44-20) 7134-0254

2yr Jumbo Prime tightened 11bps last week and are at their richest levels in more rishad.ahluwalia@jpmorgan.com J.P. Morgan Securities plc