SBA Update

March 11, 2019

The March fixed-rate DCPC auction last week included 10, 20, and 25yr maturities.  Issuance increased 47% MoM and issuance in the 20yr term reversed its 6-month decline, while yield spreads versus Treasuries tightened 4bps.

Fixed-Rate DCPC Pools


Government Guaranteed Loan Trading

Government-guaranteed USDA agricultural loans and SBA loans traded to financial institutions last week, but limited availability of supply has impacted activity recently.  As has been the case for some time, supply and not demand limits loan trading volumes.  The temporary disruption in new issuance has resulted in light secondary inventory levels for not only SBA investment pools, but guaranteed loans as well.

Dan Stimpson, CPA

Senior Vice President, Investment Strategies

Vining Sparks IBG, LP

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