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Agency mortgage-backed securities a great buy - JPMorgan bond CIO

Reuters SG
Updated ·1-min read

LONDON, July 4 (Reuters) - Agency mortgage-backed securities are their cheapest since the great financial crisis in 2008 and stand out as a top trade, JPMorgan Asset Management's international chief investment officer for fixed income said on Tuesday.

"We have a quarterly meeting with senior investors...and the unanimous top idea coming out of that was agency mortgage backed securities out of the U.S.," Iain Stealey told a Morningstar Investment conference.

These mortgage loans, originated by banks and sold on to U.S. government entities like Fannie Mae and Freddie Mac come with a government guarantee and are seen as safer investments with a higher credit rating.

(Reporting by Nell Mackenzie; editing by Yoruk Bahceli)