Securitization Weekly

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Securitization Weekly

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Securitized Products Strategy

Overview – Strong Technicals, Selective Risk 13 July 2026

Spreads near cyclical tights: beta is increasingly fully priced; carry, structure and Securitized Products Strategy

selection matter more. Better technicals in 2H26; thinner margin for error due to tight United States

spreads, heightened geopolitical risk. Favor defensive carry, floating-rate exposure. AAA

corp and CRE CLOs, SASB floaters, agency, nonagency CMO floaters. ChrisFI/MBS/CLOFlanaganStrategist

BofAS

+1 646 855 6119Agency MBS – The data is finally here: a deep dive credit christopher.flanagan@bofa.com

score comparison of FICO, 10T and VS4.0 Jeana Curro

Rates back up as overseas tensions escalate but MBS spreads hold fairly steady on MBS Strategist

lighter supply. We stay basis neutral. New VantageScore 4.0 and FICO10T dataset out. +1 646 855 9135

VS4, 10T similar. Credit score inflation could bump "low FICO" speeds 1.5CPR. Finding jeana.curro@bofa.com

value in 2-4 unit properties: no PIW, higher NY and higher fees all contribute to call Pratik K. Gupta

protection in rallies. CLO/MBSBofAS Strategist

+1 646 855 9146

pratik.gupta@bofa.comNon-agency MBS - Non-QM, FICO 10T, and June Remits:

Low Speeds, High FICO, Predictable Models TheresaABS StrategistO'Neill

Issuance YTD 135bn, $200bn NQM and $50bn Agency Investor outstanding new highs. BofAS +1 646 855 9285

6/6.5cap Jumbo 165/135bps attractive rel-val. Housing Act to become law: limitations theresa.oneill@bofa.com

lighter than feared. FICO 10T and Vantage skew higher than Classic, more dispersion. Alan Todd, CFA

Prepays decreased in June Remits across all sectors. DQ and losses stable. $3bn deal CMBS Strategist

calls for the month including $1bn NQM. BofAS+1 646 855 6383