Euro CLOs ‘better value’ than Greek RMBS

By Tom Porter
30 Mar 2015

Despite Greek RMBS spreads widening to discount margins of up to 725bp as investors sweat over the country’s euro denominated future, there is better value in other products, according to JP Morgan analysts.

A Greek exit from the euro — and a subsequent redenomination mortgage collateral — has been pushed back to the front of investors’ minds in the last couple of weeks, as government officials continue to seek a renegotiation of its rescue package.

There is only around €2.1bn of ...

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