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UBS AG London Branch FR SP E-TRACS REDEEM 16/10/2042 USD 25
The residential mortgage REIT sector was slammed late in Q4 2018. Share prices plunged lower, but many recovered significantly during January. Since then, results have been heavily mixed. Mortgage REITs reporting better or worse Q4 2018 results had the opportunity to send their price higher or to drop significantly.
The fourth-quarter results were particularly interesting because of the widening between agency RMBS and hedge rates (LIBOR swaps and Treasuries). When those spreads widen, it drives book value substantially lower. When they tighten, it drives book value substantially higher. We had been mostly bearish on the