Barclays Securitized Products Weekly Different strokes推荐.pdfVIP

Barclays Securitized Products Weekly Different strokes推荐.pdf

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Barclays Securitized Products Weekly Different strokes推荐

Securitization Research 15 March 2013 Securitized Products Weekly Different strokes We maintain that US Treasury yields are too high, given the modest economic Views on a Page 2 backdrop, impaired fiscal policy, and easy monetary policy. The agency MBS basis Overview 3 looks cheap, given our expectation of the duration of the Fed asset purchase program. Convexity Portfolio 20 Agency MBS Credit Portfolio 42 Waiting for the white smoke 4 Revisions to economic expectations indicate that Fed purchases may continue even Ajay Rajadhyaksha longer, leading to a strong case for lower coupons. Higher coupons have benefited from a +1 212 412 7669 move to shorted durations, given sell-off fears. We do not believe that richness will last. ajay.rajadhyaksha@ Prepayment Commentary 10 We present our short-term prepayment projections for the April, May and June reports. Agency CMO update

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