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Market Perspectives

Sep 27, 2021

We remain extremely constructive on both the fundamental and technical landscape for the RMBS sector and mortgage credit and see meaningful opportunity for continued spread tightening in the sector. The …

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Topics:MBSCredit Market

Sep 7, 2021

While it is expected that supply throughout 2021 will continue to pick up back to, and above, pre-COVID levels, the market is still recovering from the reduction of supply in …

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Topics:MBSCredit Market

Sep 2, 2021

Rising home prices are a strong fundamental tailwind for mortgage credit and RMBS securities and throughout 2021, the housing market has continued to outperform expectations with strong price appreciation, now …

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Topics:MBSCredit Market

Aug 23, 2021

The table below, most recently included in our 2021 Outlook, has been updated to show relative yield and spread data for a representative RMBS deal, highlighting the relative yield movements …

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Topics:MBSHousing

Aug 18, 2021

The economic recovery since last spring and the degree of fiscal and monetary support are unprecedented. While the Fed is committed to keeping the target Fed Funds rate near 0% …

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Topics:MBSHousing

Aug 10, 2021

The Non-Agency Mortgage-Backed Securities (RMBS) Sector, after outperforming other fixed income sectors over the first half of the year, is even better positioned in our opinion for a continuation of …

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Topics:MBSCredit Market

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 …

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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 …

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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 …

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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 …

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Topics:MBSHousing

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.