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Asset-Backed/Mortgage-Backed Securities

4 Andrew Burton & Ronald Thompson Royal Bank of Scotland

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What opinion do you hold that is most against the grain of analysis elsewhere?

Generally, the market still seems to be bullish about all structured paper; at current valuations I am getting a bit more reticent. The subordinated tranches of some deals have performed so well that I am now advising clients to sell into senior paper generally and into less well-known and high-profile credits

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