Cairn Capital, the London-based asset-manager that oversees about $32bn, is betting that it will make money on UK commercial mortgage-backed securities even if most of the loans packaged in the bonds default. The investment firm expects to profit from the purchases because spreads on the top-rated portions of the notes are so wide, according to Stefano Loreti, senior portfolio manager at Cairn.
Cairn buys UK commercial mortgage bonds assuming 100% default
Most Popular Articles
Latest Articles
Rocket delivers $291M profit amid improved margins and MSR acquisitions
The Detroit-based lender reported a GAAP net income of $291 million from January to March, its highest profit level in two years.