Relative Value in Securitized Credit – April 2022
Posted: Tuesday, April 12, 2022

The combination of higher Treasury rates and wider credit spreads has led to higher all-in yields across the capital structure, which represent more-attractive levels today relative to even just a few months ago. At the top of the capital structure, yields are in the range of mid-3% to mid-4%. The mezzanine portion of the capital structure is pricing yields in the mid- to high single digits. Relative to history, senior-rated bonds are trading at some of the highest yield levels in nearly five years.

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