Don’t Judge a Pool by Its Label

Podcast: Baird Fixed Income Insights: Convexity Pulse · Kirill Krylov

Opublikowano: 2026-08-10

In this week’s Convexity Pulse, Kirill Krylov and Steven Scheerer discuss why looking beneath the headline is becoming increasingly important across the mortgage market. They examine how AI’s near-term investment boom could complicate the longer-term disinflationary narrative, and why growing specified-pool issuance masks significant differences in collateral composition, scarcity, and call protection. The episode also explores the shift toward higher-cap CMO floaters, the growing appeal of Guaranteed Maturity Classes for investors seeking a hard final maturity with incremental yield, and what UWM’s recent capital raise could mean for future mortgage production.