NakedShorts last week reported that, according to a recent Deutsche Bank research report, Japan was, in mid-2007, the proud owner of $1.2 trillion worth of debt in the highly levered mortgage hedge funds Phoney (FNM) and Fraudy (FRE), and had probably loaded up on even more since.
So, while on an weekend ramble through the pixels of HedgeWorld, this little nugget showed up:
NEW YORK (HedgeWorld.com)—The recent crisis at mortgage giants Fannie Mae and Freddie Mac [blah blah blah] attractive pricing on the securities originated by Fannie and Freddie along with a new level of government protection.
This is the reasoning of Rajiv Sobti, chief investment officer at Nomura Global Alpha. The group launched on July 1 within Nomura Asset Management USA, the US investment arm of Nomura (NMR), to offer alpha-oriented fixed income products to a mix of institutional and retail investors...
Who’s betting the trade is hedged (as if) with just a smidgen of JPY?
Nomura Alternative Unit Bullish on Fannie, Freddie Debt
by Emma Trincal
HedgeWorld Jul. 25 2008
Earlier on NakedShorts:
Who's really getting bailed out here
Jul. 29 2008
