Issuer | Mat | $M |
---|---|---|
Corporates: | ||
Anchor Savings | 2008 | 80 |
Fed Farm Credit | 2002 | 100 |
Fed Home Ln Bank | 2002 | 300 |
Fed Home Ln Bank | 2007 | 100 |
Fannie Mae | 2002 | 100 |
JP Morgan | 2012 | 200 |
Korea Dev Bank | 2002 | 300 |
Merrill Lynch | 2002 | 25 |
Nationsbank Corp | 2001 | 100 |
Salomon Inc | 2002 | 450 |
Sallie Mae | 2000 | 200 |
Toyota Mtr Cred | 2002 | 100 |
TVA | 2007 | 300 |
Municipals: | ||
Regl Fin Auth-Pa | 2027 | 70 |
Gulf Breeze-FL | 2017 | 82 |
Ill Dev Fin Auth | 2019 | 31 |
Orlando Waste-FL | 2015 | 27 |
Sarasota Pub-FL | 2021 | 15 |
Pass-through securities based on price-level adjusted mortgages (PLAMs) do not yet exist, but are another potentially attractive inflation-indexed instrument. Nominal mortgage-backed securities are currently yielding about 130 basis points above 10-year nominal Treasuries. This suggests that PLAM-backed securities yielding a similar premium above the 10-year real rate would be comparably attractive. Assuming 50 basis points for servicing, this would permit a real cost to the borrower of about 180 basis points above the 10-year real rate, net of mortgage insurance if required by the loan-to-equity ratio.