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Invesco Mortgage Capital's Management Presents At The Barclays Global Financial Services Conference - Special Call Transcript

In non-agency, again, really on the credit side I think the one thing we try to stress both in non-agencies and in CMBS is just having a high quality portfolio. In the non-agency sector, we’re about 70% senior re-REMIC with the remainder a mixture of seasoned prime and Alt-A, but those are also top of the capital structure. I think we have one subprime bond that makes up that 0.4%. But anyway, again, nice prepay history here. Obviously when bonds are at a discount, our prepay speed will be faster and we’ve seen pretty good voluntary prepay. I think in terms of the prepayments you see here, they’ve been in kind of the mid-teens. Really, that’s been about half and half between recoveries and actual volunteer prepayments, so that’s been a very good story for that sector. And the one thing I’ll also highlight is just how much this sector has rallied over the past couple years. You can see it in the yields – I mean, we were at 7.25 just a year ago and now we’re at 5.37, and there’s two things going on there. One is obviously your selection, so if you’re in more senior REMICs that’s going to be lower because they just have lower spreads; but really, I mean, it’s been a pretty tremendous rally across the board in the non-agency space.

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