Contact Us
Menu
Contact Us

Market Perspectives

Apr 14, 2021

RMBS has generally been attractive from a risk-adjusted relative value standpoint since the GFC more than a decade ago, with higher current yield and greater total return opportunities than IG …

Read Story
Topics:MBSHousing

Apr 9, 2021

Mortgage borrowers drastically outperformed the initial pandemic forecasts for forbearance take-up and delinquency. Most collateral experienced all-in levels of forbearance below even the initial bull case forbearance range. Additionally, since …

Read Story
Topics:MBSHousing

Mar 31, 2021

Agency Credit Risk Transfer: Backed by high quality pools of agency borrowers (with average FICO scores in the mid 700 range and mid 30s debt to income ratios (DTI), these …

Read Story
Topics:MBSHousing

Mar 24, 2021

RMBS securities are often attractive for several structural reasons. First, many “next generation” deal structures – bonds issued in the last few years – are designed to deliver quickly as …

Read Story
Topics:MBSHousing

Mar 17, 2021

Rising intermediate/long Treasury yields continue to dominate market news – the Fed is committed to keeping the front end close to zero, which is anchoring the 2-year Treasury, but seems …

Read Story
Topics:MBSHousing

Mar 10, 2021

Housing has continued to be a pillar of the U.S. economy, far outperforming expectations throughout 2020, with impressive and growing demand for shelter. The strong demand for housing combined with …

Read Story
Topics:Housing

Feb 26, 2021

The Non-Agency Mortgage-Backed Securities (RMBS) Sector is well positioned for strong performance moving into 2021 and Semper believes it offers both an extremely attractive absolute and relative value opportunity compared …

Read Story
Topics:MBS

Sep 30, 2019

As discussed in our 2018 year-end letter, the US bond market’s tone and tenor changed dramatically since last October when 10-year Treasury rates briefly hit a high of 3.25% and …

Read Story

Feb 28, 2019

What a difference a year makes. As we closed out 2017, we discussed all-time highs in stock market indices, all time lows in stock market volatility, and persistently low long-term …

Read Story

Feb 28, 2018

In May 2017, Semper contended that there are many compelling reasons to focus on the CRT market, offering investors an opportunity to achieve attractive risk-adjusted returns while accessing various parts …

Read Story

Market Perspectives

Semper Capital Management, L.P. strives to provide relevant and value-added content to keep current and future clients updated on our thoughts and positioning.