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Securitized Market Outlook: Carrying On in Securitized Products

Colorful curved building facade representing securitized credit markets, mortgage-backed securities, and structured fixed income opportunities.

Andrew Szczurowski, CFA Co-head, Mortgage and Securitized
Gregory A. Finck Co-head, Mortgage and Securitized
Chip Driscoll, CFA Institutional Portfolio Manager, Mortgage and Securitized
Erin K. Glenn Institutional Portfolio Manager, Mortgage and Securitized

We enter the second quarter of 2026 with a constructive view on securitized credit, even as spreads have widened across both agency and non-agency sectors in recent months. Rather than signaling a deterioration in fundamentals, we view this widening as primarily macro-driven—reflecting broader risk repricing tied to geopolitical uncertainty, oil price volatility and elevated issuance in corporate credit markets, particularly associated with ongoing AI-related capital expenditure. In our view, this repricing has created more attractive entry points across securitized markets rather than weakening the underlying investment case.

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Morgan Stanley

Morgan Stanley Investment Management’s Insurance Solutions team proudly supports our insurance clients with bespoke investment solutions and a comprehensive range of strategies that align well with insurers’ investment objectives and risk tolerances. We provide risk-based capital efficient solutions across public and private market strategies, and add value through thought leadership across insurance research, portfolio management, strategic asset allocation, reporting, risk management, and rating agency/regulatory considerations.

Joel Cramer, CFA
Managing Director, Head of North American Insurance Solutions
joel.cramer@morganstanley.com
Office: 312 706 4216
Mobile: 630 222 6765
 
1585 Broadway,
New York, NY 10036

 

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