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Community banks that could reel in cheap deposits while keeping a lid on expenses were able to outperform peers in 2024.
The yield on 10-year US notes fell as much as 12.5 basis points — the most intraday in almost two weeks — to 4.50%, before paring the decline.
Optimism over lower rates spurred a shift into riskier corners of Wall Street — as money exited the long-favored safety trade of technology megacaps.
The recent lull in issuance of private label commercial mortgage bonds has helped new issue CMBS spreads retrace much of the (modest) widening seen earlier in April, according to research published by J.P Morgan.
The May prepayment report was all about HARP, as was expected; however, speeds on seasoned 5.0%s on through 6.5% were faster than anticipated. Meanwhile, lower coupons were mostly slower than projected. For example, FNCL 5.0s through 6.5s were estimated to increase between 5% and 9% on average but rose 9-14%, while 4.0s and 4.5s were […]