Analysts from Barclays Capital on Jan. 2 weighed in on the effects of updated valuations for residential mortgage-backed securities (RMBS) and commercial mortgage backed securities (CMBS) held by U.S. insurers.

They expect the new approach will have a moderately-positive-to –moderately-negative impact on non-agency RMBS, depending on the security type. (See chart below article) Within the CMBS class, Barclays expects that higher quality paper will benefit, while riskier classes will get hit.  

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