Remains long passthroughs vs. treasuries. Favors 5.5s over every other coupon in the stack . Thirty-year 6s still offer the most hedge-adjusted carry in the sector, although the amount that 6s out carry 5.5s is marginal. Any further movements to lower yields should pressure 6s relative to 5.5s as the 6s are now back above 104-00, a level that has caused problems for this coupon in the past. GNMAs have been under steady pressure for the past several sessions and the only buyers seem to be short covering. Expects further declines in the GNMA/FNMA swaps.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
April 26 -
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24