Actions taken by the U.S. government aimed at stemming systemic risk have created a bottom in prices for cash and derivative segments of the asset-backed securities market.
“The actions taken this week and those that are forthcoming make it extremely likely that we have seen the bottom in ABS, ABX and non-agency MBS prices,” said Chris Flanagan, analyst at JPMorgan Securities. “Even after Friday morning’s sharp rally, we still see extraordinary value and move to overweight,” the analyst said in a report.
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