As international money managers are increasingly judged against global indices heavily weighted towards mortgages, Deutsche Bank Securities recently developed a total return swap that allows these investors to synthetically buy into U.S. mortgages.

The swap was designed primarily for foreign accounts that need to have some exposure to mortgages - specifically foreign investors less familiar with U.S. MBS - but who do not have the back office or administrative capabilities to handle the inflows and outflows.

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