Bloomberg Surveillance · Thursday, August 27, 2026
Andrew Sheets highlights opportunities in securitized credit, particularly in areas with less issuance such as non-QM mortgages and commercial mortgage-backed securities. He also notes the increasing focus on relative value between securitized assets linked to AI infrastructure and unsecured corporate risk.
“Well, so I think an interesting factor on the securitized side is there are parts of the securitized market that are seeing a lot less issuance. And again, I think kind of issuance is the name of the game this year.”
“We're seeing it on the treasury side, but we're also seeing it on the corporate side. And I think investors are very interested in markets that are not seeing as much issuance. And so we've seen a lot less issuance in things like non-QM mortgages, so parts of the mortgage market that are a little bit.”
“You're seeing a lot less issuance in the commercial mortgage-backed security side just because there's been a lot less commercial mortgage activity given high interest rates and a slowdown in that sector.”