When Mission Meets Quicken in the Land of Low Loan Balance

On this week’s Convexity Pulse, Steven Scheerer joins Kirill Krylov to review August fixed income index performance, where MBS posted their best excess return of the year, far outpacing corporates on the strength of a 30-year sector rebound. They dissect bank call report data showing notable shifts in MBS product mix and examine CMO issuance trends, with Ginnie deals running at record pace and floaters maintaining dominance. The episode closes with a technical dive into convexity layering, highlighting how Low Loan Balance, Mission, and Quicken features interact to reshape prepay profiles.