J.P. Morgan Municipal Morning Intelligence: New issue calendar expands going into two weeks of challenging technicals.

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J.P. Morgan Municipal Morning Intelligence: New issue calendar expands going into two weeks of challenging technicals.

J P M O R G A N Global Markets Strategy

20 July 2026

J.P. Morgan Municipal Morning

Intelligence

New issue calendar expands going into two weeks of

challenging technicals.

Securitized Products & Public

Finance Municipals Strategy

Peter DeGroot AC

(1-212) 834-7293

peter.degroot@jpmorgan.com

This is the last week of the 2026 Extel (formerly Institutional Investor) Global Ye Tian

Fixed Income Research Survey. If you have found our work helpful, we would (1-212) 834-3051

ye.tian@jpmorgan.com

sincerely appreciate your 5-star support for the firm and for Peter DeGroot, Ye

Roisin A Gargan

Tian, and Roisin Gargan under “USA: Economics & Strategy/General” in the (1-212) 834-7010

“Municipals Strategy” category. The link to vote can be found HERE, a step-by- roisin.gargan@jpmchase.com

step guide is available here, and the full JPM analyst roster can be found here. As J.P. Morgan Securities LLC

always, thank you for your continued readership and support!

Tax-Exempt Market Wrap

– After last week’s underperformance, valuations in the 10-year area of the

market are firmly within fair value versus taxable fixed-income. The wings

of the curve, however, remain 1 to 1.8 sigma rich versus taxable fixed-income

as we turn to a more formidable technical period over the next two weeks with

an estimated $21bn of net tax-exempt supply. There should be both opportunity

to pare richer trading credits and to find value by providing liquidity when

deals get hung up in the primary. Crossover investors should continue to consider

selling the wings of the tax-exempts curve as well as taxable municipals and

swapping into taxable bonds, in our view.