[問題] mReits NLY,AGNC昨日跌2~3%原因已刪文
查了好半天好像因為Prepayment Risks
有將近20%的人提前還款,導致目前損害到mortgage-backed securities
的利息收入,目前要再購入長期mortgage-backed securities只拿到比較少的折價
因為三十年利率減少,
mReits的股息下期將會有所減少,不知道這樣解讀是否正確
http://seekingalpha.com/currents/post/468341
Prepayment Risks
While higher interest rates are unlikely to pose a real risk in the next few
years, investors should closely monitor prepayment speeds. Mortgage REIT
investors should focus on conditional prepayment rates (CPR) to monitor the
health and dividend potential for mortgage REITs. The CPR reflects the
percentage of principal that is prepaid over a period of time on an
annualized basis.
As CPRs increase, the company will have to invest in securities with lower
coupons, which will hurt earnings. Mortgage REITs are highly levered
investment vehicles that employ significant leverage to generate yields.
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