Fixed-rate agency issuance hits the roof

Citigroup released a report today saying that fixed-rate agency issuance has hit new highs and is expected to reach a new record of about $190 billion per month in May/June. April fixed-rate agency issuance has hit approximately $150 billion (compared to March’s $143 billion showing), and is slightly up from the previous record set in December of $147 billion.

The report also mentioned the fifteen-year issuance remains quite high, driven mostly by refinancing activity. Fifteen-year share has hit around 30 %. In terms of dollars, total 15-year issuance for the whole year of 2000 was around $37 billion. This is less than one month of current 15-year issuance, which this year has been coming in at above $40 billion per month.

Citigroup also mentioned that Ginnie Mae’s share remains low at around 11% of fixed-rate agency issuance.


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