Prior to markets starting to wind down for the Christmas holidays, we witnessed a robust primary new-issue calendar in November with $6.1 billion issued via eight transactions. There was a total of six RMBS transactions issued in the month (including three Prime RMBS and three NC RMBS) and two ABS transactions. The Gryphon Investment Committee has remained its stance since October, refraining from participating in any of the new-issue transactions, due to a combination of credit, relative value, and portfolio optimisation considerations.
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