2026 Securitized Products Market Recap (June – September)

Securitized products delivered generally constructive performance through much of the summer, supported by healthy investor demand, resilient market liquidity and continued appetite for higher-quality credit. However, market conditions became more differentiated in September as rising rates, increased supply and broader volatility tested sentiment across several asset classes.

Across the market, investors continued to favor higher-quality and structurally defensive securities. CLOs experienced strong demand for upper-tier mezzanine tranches, while lower-rated bonds faced greater dispersion based on collateral quality and supply dynamics. In ABS, performance varied by sector, with auto, aircraft and other subsectors following different trajectories as spread performance shifted from summer tightening to more widespread widening later in the period. Non-Agency RMBS issuance remained active, supported by steady Prime 2.0 supply and continued growth in Non-QM, HELOC and second-lien issuance. Agency MBS and TBA markets also demonstrated resilience, benefiting from consistent investor participation despite ongoing rate volatility.

This report brings together sector-level insights from S&P Global Market Intelligence specialists across CLOs, ABS, RMBS and Agency MBS. Through a combination of market commentary, spread analysis, issuance trends and performance data, it examines how key securitized sectors evolved from June through September and highlights the factors shaping investor behavior.

Download the full report for a detailed review of market developments, sector performance and the themes likely to influence securitized products markets through year-end.