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

03 August 2026

Fixed Income Cross Product

Relative Value Monitor

5yr AAA CLOs hit their period tights versus corporates

as have 30-year IG tax-exempt munis. Conversely,

GNMA Program Loans are near the cheaper end of

their trading range.

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

Corporate bond spreads tightened in the post-FOMC steepening, moving 3-4bps John Sim

(1-212) 834-3124

tighter versus Treasurys while securitized product spreads were more mixed on the john.sim@jpmorgan.com

week. Over the week, Student Loan ABS (Prime AAA) widened 1bps vs. corps, J.P. Morgan Securities LLC

and are back to 1.3-1.6 sigma cheap over 1-3-5yr horizons. 10-year Freddie K (A1 Nathaniel Rosenbaum, CFA

and A2) retraced some of the recent tightening, widening 2bp, remaining towards (1-212) 834-2370

the wides over the past five years. nathaniel.rosenbaum@jpmorgan.com

After tightening by 11bp in the week prior, 2yr Jumbo Prime widened 6bp on Rishad Ahluwalia

the week versus corporates, but are still 2.1-2.5 sigma rich across 1-3-5yr horizons. (44-20) 7134-0254

In 2yrs on the curve, CRE CLO AAA widened by 1bp (versus corps.) on the rishad.ahluwalia@jpmorgan.com J.P. Morgan Securities plc

week, while still near one-year tights.