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Highlights of the Week: Securitized Product: November was the busiest month of CLO issuance for the year driven by refinancing and reset activity, front-running the soon-to-be-implemented Dodd-Frank risk retention requirements. In residential mortgage land, agency conforming limits were raised from $417,000 to $424,000 for the first increase since 2006! High Yield: Earlier this week, OPEC and several non-OPEC countries agreed to output reductions in 2017. Assuming none of the agreement’s adherents defect, US shale producers, many of which are High Yield issuers, stand to profit from tighter global oil supplies. Municipals: Municipal bonds are currently offering a very compelling relative value proposition, as the ratios of Municipal to US Treasury yields exceed 100% across the yield curve for the first time in the past three years https://www.payden.com/weekly/wir120216.pdf
@TSP_Transfer & MFO Members: The Weekly Recap from Stocktrader.Com will become a regular feature that I will link as soon as it becomes available over the weekend. Regards, Ted
Comments
Securitized Product: November was the busiest month of CLO issuance for the year driven by refinancing and reset activity, front-running the soon-to-be-implemented Dodd-Frank risk retention requirements. In residential mortgage land, agency conforming limits were raised from $417,000 to $424,000 for the first increase since 2006!
High Yield: Earlier this week, OPEC and several non-OPEC countries agreed to output reductions in 2017. Assuming none of the agreement’s adherents defect, US shale producers, many of which are High Yield issuers, stand to profit from tighter global oil supplies.
Municipals: Municipal bonds are currently offering a very compelling relative value proposition, as the ratios of Municipal to US Treasury yields exceed 100% across the yield curve for the first time in the past three years https://www.payden.com/weekly/wir120216.pdf
Regards,
Ted