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Alternative Market Briefing

MBS holds on in September

Monday, October 02, 2017

Bailey McCann, Opalesque New York:

September was poised to be a fraught month for the MBS market. Banks and commercial mortgage underwriters started the month on pace for the biggest month of new issuance all year. MBS market watchers were also worried about how markets might react if the Fed made good on its plan to start tapering at its mid-month meeting. But, as we look ahead to October, the MBS market - like every other part of the market - seems to have taken it all in stride.

The sanguine MBS market comes as no surprise to Greg Parsons, Chief Executive Officer and Chairman of the Investment Committee at Semper Capital. The $1.7 billion credit investment firm focuses largely on the legacy MBS market. "For us, structured credit and specifically legacy MBS has been compelling for much of this year," he tells Opalesque. "We think that the space will continue to be a value driver in portfolios over the next year."

So far, investors seem to agree. Semper's MBS Total Return Fund is up +4.79 percent YTD through September 30 and recently crossed the $1 billion AUM mark. The Fund invests primarily in RMBS and CMBS.

"Strengthening real estate credit fundamentals, the structure of the market, and strong technical factors continue to work together from a positive risk/return standpoint," Parsons notes.

Looking out over the remainder of the year, Parsons says there are few potential speedbumps out there for MBS investors. "Whether the Fed raises rates in......................

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