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MRRL - Increased Volume For MRRL Reduces The Case For MORL
UBS AG London Branch FR SP ETRACS REDEEM 16/10/2042 USD 25 - Ser B
Note: This article was released to members 1-month ago.
Investment thesis
Investors should swap from MORL to MRRL due to MORL's rising premium, while MRRL no longer has a liquidity problem.
MORL and MRRL track the same index
With ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (MORL) has suspended new shares of its note (see "What To Do About MORL?") last year, it gained the ability to trade at a significant premium over its "indicative value", which is basically its NAV.
Given that both MORL and ETRACS Monthly Pay 2xLeveraged Mortgage