Trading spikes in non-agency RMBS as market digests trustee case
Trading in non-agency US RMBS was busy last week, with sellers outweighing buyers as the market grapples with the fallout from trustee Wells Fargo’s decision to hold on to investor cash in a handful of crisis-era deals last month.
A note on Monday from Scott Buchta, head of fixed income strategy at Brean Capital, said that last week was “very busy” in non-agency RMBS trading with a total of $3.7bn of paper moving.
Activity was heightened on Thursday with $1.9bn of bonds changing hands. $1.1bn of trades
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