Relative value has little meaning as investors need to protect capital and get back on-sides given the dramatic market movement in past few sessions. Greenwich took down its basis position (though still has small long vs. swaps). Keeps its exposures light until things settle down. Trades that make sense are those offering the best hedge adjusted carry. In this vein, lower loan balance cuspy coupons and newer production paper offer the best opportunities. 15-year and 20-year MBS have massively underperformed 30-year of late but don’t seem appealing given Greenwich’s view on carry. GNMAs still outstrip conventionals and remain a better fade.
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The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
May 2 -
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
May 2 -
Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
May 1 -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
May 1 -
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
May 1 -
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
May 1