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Friday, April 30, 2021
 

MANAGING DIRECTOR:
Scott Carrithers
 

PORTFOLIO SALES AND SERVICE:
George Morris • Chris Thompson • Sean Doherty • Kevin Doyle • Mark Tranckino
Jeff Goble • Nicole Burczyk • Natalie Regan • Aaron Stoffer • David Farris • Lonnie Harris
 Brian Schaff • Josh Kiefer • Robert Schuyler • Tom Toburen • Aaron Hemphill


 
US Treasury Market
Date 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
04/23/21 0.01 0.03 0.03 0.07 0.16 0.34 0.83 1.26 1.58 2.14 2.25
04/26/21 0.02 0.03 0.04 0.06 0.18 0.35 0.85 1.27 1.58 2.13 2.24
04/27/21 0.01 0.01 0.04 0.06 0.17 0.36 0.88 1.32 1.63 2.18 2.29
04/28/21 0.01 0.01 0.04 0.05 0.17 0.35 0.86 1.31 1.63 2.19 2.29
04/29/21 0.01 0.01 0.04 0.05 0.16 0.35 0.86 1.32 1.65 2.20 2.31
                                                                                                                                                                  Source: U.S. Department of Treasury as of 4/29/2021


SBA Pools - Buyer Beware
 
Traditionally most Small Business Association “SBA” pools are higher premium > $108 dollar price offerings.  With the elevated premiums, changes in prepayments (from forecasted levels) have a large impact on yields.  Country Club Bank is not a strong advocate of SBA pools as historical CPRs perform at higher CPRs than how the pools are typically shown at time of purchase, 8 or 10 CPR.  Investors should be aware of average life CPRs, currently at approximately 14.5, while also paying special attention to where the pools are in the ramp cycle when evaluating offerings.  The data on actual SBA prepayments versus the market standard for quoted yields can vary significantly. 

 






This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.

•Not FDIC Insured •No Bank Guarantee •May Lose Value