Trading Mortgage Backed Securities
Lets start a community/forum of people who are experienced in sales & trading and would like to offer advice, tips and outlook on the industry.
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Does anyone have anything to say about this topic/industry?
I'm happy to discuss S&T (fixed income), just not MBS.
How would you say a fixed income sales role differs from equity sales?
Dude, you can't just make a post asking people to talk about Sales and Trading. This entire forum is dedicated to that. If you have specific questions about MBS trading I may be able to answer them, but I've only done a stint as a summer analyst in MBS so there are probably much more knowledgeable people here.
wilder01: Equity sales is more about specific fundamentals and sector trends. FI sales is really about spread to Tsys if you're selling taxable paper or MMD (tax exempt muni).
Well, yes, if dealing with a corp bond, you may get questions on the fundamentals that you can forward over. If dealing with munis, agencies you're typically going to be driven more so by rating, spread, maturity based on what your client wants and showing them something that fits their parameters.
MBS Trading Still Frozen? (Originally Posted: 07/29/2008)
From what I've seen MBS trading has been non-existent since the beginning of the credit crunch.
The only trades I've seen so far have been ones where the dealers themselves are trying to unwind positions or if the buyside is willing to take on the traders' ridiculously wide bid-ask spread. (Some of who surprisingly are willing to take that bid-ask spread)
Any of you guys seen any MBS action on your desks at all?
how wide is wide?
are ya serious? if i had a truckload of cash, i would be just like Lonestar picking this stuff up for 22 cents on the dollar. it's so overblown how bad MBS is.
i've seen mbs action. what desk on you on that you would trade mortgages?
twint0: you have no idea what you are talking about.
Jimbo, just to quote one of the head traders on my desk, he basically said "We will neither buy nor sell most MBS" I guess that MBS may still be trading in some parts, but I can't imagine liquidity to be all that great...
It seems that most of the street right now is trying to clear their balance sheets so most of them are long cash and short indicies like the CMBS AAA and ABX AAA
"Jimbo, just to quote one of the head traders on my desk, he basically said "We will neither buy nor sell most MBS" I guess that MBS may still be trading in some parts, but I can't imagine liquidity to be all that great...
It seems that most of the street right now is trying to clear their balance sheets so most of them are long cash and short indicies like the CMBS AAA and ABX AAA"
so what's he doing all day then? I cant imagine the passthrough market isnt still active.
and to the second it's a bit tricky when they dont move like you expect, i know of some guys who blew up for this year.
passthroughs are definitely still active
still trading agency passthroughs and liquid trusts. The lock down is in mortgage credit.
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