Fixed Income Cross Product Relative Value Monitor

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Fixed Income Cross Product Relative Value Monitor

J P M O R G A N Global Markets Strategy

30 July 2026

Fixed Income Cross Product

Relative Value Monitor

Long tax-exempt spreads are 1bp off 5-year tights

versus corporates, and vulnerable after UST

steepening. AAA CLOs and 2yr Jumbo Prime are also

at or near 5-year tights.

Good morning, this Cross Products Relative Value Report is intended to provide Securitized Products & Public

an efficient high-level rich/cheap analysis of fixed-income products relative to IG Finance Municipals Strategy

Corporates. Securities appearing at the top of the maturity/average-life band are Peter DeGroot AC

rich versus IG corporates, while spreads on bonds near the bottom are trading at (1-212) 834-7293

cheaper levels versus corporates. peter.degroot@jpmorgan.com

J.P. Morgan Securities LLC

After yesterday’s FOMC, markets are still digesting the steeper curve and the path John Sim

(1-212) 834-3124

from here. Thus far this week, corporate spreads widened another 2-3bps and the john.sim@jpmorgan.com

securitized product spreads represented here were mostly unchanged to mixed. J.P. Morgan Securities LLC

The broader relative value themes persist as Student Loan ABS (Prime AAA) Nathaniel Rosenbaum, CFA

moved another 3bps tighter vs. corps, but is still 0.9-1.3 sigma cheap over 1-3-5yr (1-212) 834-2370

horizons, versus 1.4-1.7 in the week prior. 10-year Freddie K (A1 and A2) nathaniel.rosenbaum@jpmorgan.com

tightened another 1-2bps and are now 5-6bps tighter from the week prior, and are J.P. Morgan Securities LLC

moving towards the tighter end of their one-year range, but are remain towards the Rishad Ahluwalia

wides over the past five years. (44-20) 7134-0254

rishad.ahluwalia@jpmorgan.com

J.P. Morgan Securities plc