Securitized Products Strategy: Securitization Weekly

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Securitized Products Strategy: Securitization Weekly

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Securitized Products Strategy

Securitization Weekly

Overview – Making Space for Securitized Products 08 June 2026

Range-bound rate and spread markets, resilient macro, stable rate vol keep carry Securitized Products Strategy

dominant. Securitized products relative value remains compelling as spreads lag United States

corporate spread tightening cycle. Strong corporate and securitized products issuance Chris Flanagan

YTD, but slowing 2H pace should support technical. FI/MBS/CLO Strategist

BofAS

Agency MBS – Knick Picking Loan Sizes: a deep dive into +1christopher.flanagan@bofa.com646 855 6119

recent loan bal spec pool changes JeanaMBS StrategistCurro

Markets sell off and spreads widen marginally on strong jobs data, GSE demand BofAS

underwhelms. We stay tactically neutral. GSEs made some changes to loan balance +1jeana.curro@bofa.com646 855 9135

pooling and this month, all offered on CW lists. We still prefer <150k discounts. New VA Pratik K. Gupta

rule finalized and suggests slightly slower speeds, Rate lock data also signals premium CLO/MBS Strategist

slowdown. CMO demand strong. +1 646 855 9146

pratik.gupta@bofa.com

Non-agency MBS - May Remits: Business as usual Theresa O'Neill

ABS Strategist

Issuance YTD 119bn, 45% more than same period 2025. Rel-val slightly cheap/fair. NQM BofAS

AAA:115, CES AAA:125, Jumbo PT: 132bps. Prepays decreased in May Remits. Jumbo and +1 646 855 9285

theresa.oneill@bofa.com

NQM 2023 & 2024 fastest CPR. D30+% & D60+% unched; GSMBS led losses in Jumbo

Alan Todd, CFA

2.0. 79 Deal calls and 22 NQM calls YTD, totaling 16bn. 32 NQM stepped up deals CMBS Strategist

outstanding; 2 NQM deals breaching DQ triggers. BofAS +1 646 855 6383

alan.todd@bofa.com