野村：构住房抵押贷款支持证券发行报告 - 2025 年 4 月 14 日

Investment Rating - The report provides a detailed analysis of the Agency MBS market, indicating a cautious investment rating due to fluctuating issuance trends and market conditions [1]. Core Insights - The report highlights a significant decline in gross issuance of Agency MBS, with April 2025 showing a total issuance of $49.3 billion, down from$72.6 billion in March 2025, representing a decrease of approximately 32% [3]. - The net issuance also reflects a downward trend, with April 2025 reporting a net issuance of $6.4 billion, compared to$15.6 billion in March 2025, indicating a reduction of about 59% [4]. - The report emphasizes the impact of interest rate changes and market volatility on the issuance patterns, suggesting that investors should closely monitor these factors [1]. Summary by Sections Gross Issuance - In April 2025, the gross issuance of Agency MBS totaled $49.3 billion, a significant drop from$72.6 billion in March 2025, marking a 32% decline [3]. - The report details monthly gross issuance figures, showing fluctuations across different months, with February 2025 at $69.5 billion and January 2025 at$92.1 billion [3]. Net Issuance - The net issuance for April 2025 was reported at $6.4 billion, down from$15.6 billion in March 2025, reflecting a 59% decrease [4]. - The report provides a comprehensive breakdown of net issuance over the past months, indicating a consistent downward trend since the beginning of 2025 [4]. Market Trends - The report discusses the broader market trends affecting Agency MBS, including interest rate fluctuations and investor sentiment, which have contributed to the observed declines in both gross and net issuance [1]. - It suggests that ongoing economic conditions and policy changes will continue to influence the Agency MBS market dynamics in the near future [1].