"Agency Debt – A Good Alternative For Some Treasuries": Morgan StanleyMani
Agency debt can be a compelling alternative proposition for some Treasuries in a high quality fixed income portfolio, though the decision hinges on investor’s desire to sell convexity and liquidity, notes Morgan Stanley. In their September 26 research piece titled “The Debenture Code,” Jay F Bacow and team delve deep into the agency debenture market to explore issuance and valuation.
Outstanding agency debt stands at about $2.1 trillion
Bacow and colleagues highlight that agency debt or debentures are issued . . .
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