Economics & Strategy – Asset-Backed Securities Strategy: First
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Economics & Strategy – Asset-Backed Securities Strategy: First

Christian Aufsatz and Dipesh Mehta shepherd Barclays' London-based quartet to a second consecutive first-place finish.

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Christian Aufsatz, Dipesh Mehta & team

Barclays

“Christian and Dipesh are excellent at providing detailed, structural analysis when digging into deals and justifying why there is value or risk.”

Christian Aufsatz and Dipesh Mehta shepherd Barclays' London-based quartet to a second consecutive first-place finish. “Their selection of topics is excellent, and they cover specific issues as well as the big picture in a clear and entertaining way,” observes one buy-side backer in Frankfurt. The strategists note that the senior bonds in core sectors — U.K. residential mortgage-backed securities, for example — are still relatively high yielding and liquid, compared with other asset-backed instruments. Even though spreads on these securities have been more than halved since last summer, driven by a positive tone in credit markets and the announcement of government funding for lending programs, further compression is likely, Aufsatz says. Meanwhile, spreads on German senior auto asset-backed securities are already tight, but there is “further catch-up potential” for non-German auto ABS spreads, he adds. Aufsatz, 38, led the European commercial MBS ratings team at Moody’s Investors Service before joining Barclays in 2010; he has a degree in business administration from Germany’s Frankfurt School of Finance & Management. Mehta, 33, earned a bachelor’s degree in mathematics and management at King’s College London. He is also a veteran of Moody’s, where he covered RMBS transactions; he has been with Barclays since 2007. — Carolyn Koo


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