We got a shockingly good number on April New Home Sales! Almost everyone was calling for a 25% decline to the 480k range. The # we actually got was +0.6% to 623k! Housing prices also remain strong, as shown in #s from S&P Corelogic: +3.92% YOY. New homes are responsible for about 15% of the total housing market sales. Mortgage Apps for the week ending 05/22 came in today at +2.7%. All this in the nick of time. More
Five Minute Maturity
Jim Tait, Head/MBS Trading
Macro & Rates Commentary
Doug Ingram, Financial Economist
The first 20–year Treasury bond auction since 1986 went very well. With no recent offerings for comparison, demand for the $20 billion supply was seen as solid versus other longer issues over the past few months. The yield was 1.22% and the buying group that includes foreign central banks bought 60.7% of the offering. Next week, the U.S. Treasury will offer $44 billion 2–year notes on Tuesday (05/26), $45 billion 5–year notes on Wednesday (05/27), and $38 billion 7–year notes on Thursday (05/28). See More
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Scratch and Dent / Investor Kickout Pricing Tool
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BCG Loan Trading
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With over 800 active loan clients, the Banes Capital Group Whole Loan Trading Desk is one of the more active in the country, trading a spectrum of loan products from residential scratch and dent (SND) pools, to performing portfolio loans, Commercial Real Estate and non-performing loans (NPL).
With an average of 20+ years of experience on the desk, BCG also assists its valued lenders with full balance sheet consulting, optimization, and ALM simulation, as well as advanced loan analytics and pricing. Our decades of experience in all facets of the capital markets give us the perspective and the relationship channels needed to make balance sheet changes happen smoothly and quietly.
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About BCG Loan Trading, The Whole Loan Trading Desk for Banes Capital Group
Writing with the benefit of 30+ years of capital markets experience, Doug Ingram explores the factors affecting the current U.S. and global rates markets.
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