In Phoenix last week, panelists on the non-mortgage research roundtable agreed that 2004 will not likely be "the year of the home run," compared to the massive tightening in just about every asset class throughout last year.

Instead of searching for the next tranche to tighten, investors should seek yield and spread stability in 2004, avoiding headlines and blowups. This is contrary to the mid-2003 recommendations to move down in credit.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.