Not unlike the condition in mortgage passthroughs, there has been difficulty in valuing structured product off of the Treasury curve recently due to the conditions brought on through buyback plans.

Credit Suisse First Boston noted that on a Treasury option-adjusted spread basis, 10- and 20-year planned amortization class bonds widened 52 and 58 basis points during the first quarter, respectively, though have cheapened on an OAS basis.

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