Securitized Products Strategy: Securitization Weekly

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Securitized Products Strategy: Securitization Weekly

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Securitized Products Strategy

Securitization Weekly

Overview – 2H26 Supply Outlook: Better Technicals Ahead 29 June 2026

Securitized products and corporate supply moderation should improve technicals for Securitized Products Strategy

spread sectors in 2H26. Strong wealth-driven demand continues to absorb elevated United States

issuance. Returns driven by carry, with rising dispersion across sectors. AAA CLOs top Chris Flanagan

YTD performer in fixed: 2.4%. FI/MBS/CLO Strategist

BofAS

Agency MBS – 2026 Mid-Year Outlook: onwards and +1christopher.flanagan@bofa.com646 855 6119

sideways JeanaMBS StrategistCurro

After a surprising 1H, 2H26 should see more stability. Key themes: policy, uncertainty, BofAS

gradual change. We stay basis neutral but like finding carry opps. Valuations tight, +1jeana.curro@bofa.com646 855 9135

technicals decent, prepays slow but risks remain. Vantage securitization underway but Pratik K. Gupta

not what you'd expect: higher credit, larger lnsz, refis. Plus Int'l purch most since Oct. CLO/MBS Strategist

+1 646 855 9146

pratik.gupta@bofa.comNon-agency MBS - Non-(Stop)-QM

NQM record 2026: Project $175bn origination, $100bn issuance; DSCR/Inv loans drive Theresa O'Neill

ABS Strategist

growth. Prefer seniors on relval basis. NQM resecuritizations ($4bn YTD) are up BofAS

following deal calls ($5.5bn YTD). S-curves slightly steeper; DQs up in 22-24 vints. +1 646 855 9285

theresa.oneill@bofa.com

Presence of high quality, large bal loans in some deals (called Fumbo); Dealer shelves:

Alan Todd, CFA

40% issuance; Insurance demand strong. CMBS Strategist

CMBS – Our mid-year 2026 outlook: a K-shaped everything +1alan.todd@bofa.com646 855 6383