Securitized Products Weekly

Research evidence excerpt

Securitized Products Weekly

Global Markets Research

30 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

Over the past week, the MBS basis tightened, but we remain constructive on the basis in Rohit Sinha - NSI

the second half as supply declines and bank/overseas demand increases. Data released Rohit.Sinha@nomura.com

+1 212 298 4905this week showed that GSE MBS holdings remained unchanged in June and we expect

GSE demand to total $70-120bn in 2026. Separately, we discuss the recent signs of Chinmay Kulkarni - NSI

convergence in Nationstar/Rocket prepays in higher coupons. Some conventional chinmay.kulkarni1@nomura.com

+ 1 212 298 4598Nationstar-transferred cohorts such as higher LB and seasoned vintages have prepaid

faster than Rocket loans over the past two months. In contrast, other cohorts like lower LB Joseph Gais - NSI

and Ginnie pools have only seen a partial convergence as of now. Additionally, joseph.gais@nomura.com

conventional CMBS issuance is tracking meaningfully higher this year, driven by floating +1 212 667 2028

rate loan issuance and we expect gross issuance to total $160-$170bn in 2026. Elevated Vivek Chauhan - NSI

rates and slower price appreciation continued to drive slower prepays for fixed rate loans. vivek.chauhan@nomura.com

Within fixed rate CMBS, we recommend shorter duration 5/4.5 while in floaters we prefer + 1 212 667 2290

10yr maturity bonds due to wider spreads. Shreya Pal - NSI

shreya.pal1@nomura.com

Mortgage Credit + 1 212 667 2183

In RMBS, 14 deals totaling $6bn priced this week. Gross issuance in 2026 has totaled Daivaksh Patel - NSI

$151bn, tracking $35bn higher vs 2025.