The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
I was actually asking myself that same question. After looking at a few reports, it seems that certain types of mortgages have higher CPRs than others. For example, the 15yr CPR is quite high for the mREITs I cover, even AGNC. Also, higher interest rate loans obviously have higher CPRs. AGNC has been dodging some CPR by buying low balance and "HARP" loans, since these tend to not be refinanced as often.
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
jomomo,
I agree partly with your assessment. I do think that investors are leaving CYS due to the lower expected dividend. However, I think CYS is a bargain at a 10% discount to BV. I think of CYS as a value play with a dividend kicker.
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
Reim,
CYS and DX should have interest rate sensitivity tables in the paper work that they file to the SEC for the quarter. These tables should show estimates on how much of an impact interest rate shocks have on the NAV (book value).
I also added to CYS. I have been buying shares at under book value. I think that from now until the dividend announcement, CYS will be range bound.
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
CYS has over 60% ($11B) of its portfolio in 15 Year Fixed Rate mortgages. If you look at AGNC's CPR numbers, you will see that they have similar CPRs on sub 15yr mortgages, with CYS at 16.1% and AGNC at 15%. AGNC is actually adopting the "drop income" tactic used by CYS. Also, most every agency mREIT saw BV declines. Only the non-agency mREITs saw BV increases.
CYS Investments: An Undervalued mREIT With A 10.8% Yield [View article]
Yup, I noted the CPR for April in the conclusion.
CYS Investments Offers A 10.5% Yield And 10% Discount To Book Value [View article]
Do you really think the the book value for CYS will decline 10% in Q1 2013?
CYS Investments Offers A 10.5% Yield And 10% Discount To Book Value [View article]
Thanks for catching that, it should be fixed soon.
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
I agree partly with your assessment. I do think that investors are leaving CYS due to the lower expected dividend. However, I think CYS is a bargain at a 10% discount to BV. I think of CYS as a value play with a dividend kicker.
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
CYS and DX should have interest rate sensitivity tables in the paper work that they file to the SEC for the quarter. These tables should show estimates on how much of an impact interest rate shocks have on the NAV (book value).
I also added to CYS. I have been buying shares at under book value. I think that from now until the dividend announcement, CYS will be range bound.
The Recent Decline In CYS Investments Is A Buying Opportunity [View article]
7% Month Return With CYS Investments Catalysts [View article]
Those two dividends equals a 7% yield
Big Dividend-Paying Mortgage REITs, Such As 14.05% CYS Investments, Are Still Good Buys [View article]
CYS and AGNC are great names in the mREIT sector. AGNC is the best run, but CYS is the cheapest imo. LONG CYS
CYS Investments Offers A 20% Discount To Net Asset Value And A 15.4% Yield [View article]