Mortgage-backed securities issuance stays sturdy – Pensions & Investments

U.S. mortgage-backed securities’ issuance was $3.3 trillion for the primary 9 months of 2021, 22.5% increased than the year-ago determine. After a quick tempo within the first half when $2.3 trillion was issued, MBS new points slowed to $948.6 billion within the third quarter, down from $1.1 trillion within the year-earlier quarter. However the newest quarterly determine continues to be greater than 50% increased than two years in the past.
This yr’s sturdy issuance comes after 2020 noticed $4 trillion of latest MBS come to the market. Final yr was the best whole since no less than 1996, eclipsing 2003’s $3.5 trillion.
Company MBS continues to dominate the panorama. These accounted for almost 97% of this yr’s points. Within the years main as much as final decade’s recession, non-agency MBS accounted for a big share, together with 52% in 2005 and 55% in 2006. Since 2008, it has ranged from 3% to 14% of the whole MBS new difficulty market.
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