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A. Option A
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Answer: A
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NEW QUESTION: 3
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NEW QUESTION: 4
Jean Sims, CFA and Ellie Hayes, CFA are advisors for Eagle Fixed Income Investors. Eagle makes recommendations on bonds, mortgages, and other fixed income investments for wealthy individuals and institutions.
Eagle has a client, Parker Portfolio Managers, which has a large holding of mortgages. Due to a projected decline in the housing market in the United States, the yields on mortgages are expected to increase over the next year. The largest mortgage position for Parker is currently priced at 98.80. Given the projected increase in yields, Sims has calculated an expected price of the mortgage of 95.50 in one year. For the same magnitude of yield change, she projects a price of 101.20 if yields instead fall. Hayes states that Parker should hedge the mortgage by shorting a 10-year Treasury bond futures contract.
Discussing the performance of mortgages in general with Parker officers, Hayes states that they are market directional investments. Hayes's reasoning is that mortgages tend to follow the general direction of the fixed income market, where mortgages should be avoided when interest rates are expected to rise and favored when they are expected to fall.
Commenting on hedging mortgages in general, Sims states that a two Treasury bond futures hedge is usually more effective than a single Treasury bond futures hedge. Furthermore, she states, a mortgage can be hedged dynamically by adjusting the hedge through time, or by buying interest rate options. An option hedge would be used when its implied volatility is low, she states.
Examining the Parker portfolio in more detail, Sims gathers the following details on mortgages they hold.
Later that day Sims and Hayes discuss the appropriate hedging of mortgages and make the following statements:
* Sims: "To hedge the duration exposure of a mortgage and maintain a constant duration, the investor should sell Treasury bond futures when interest rates fall and buy Treasury bond futures when interest rates rise."
* Hayes: "Mortgage investors face model risk where using a poor model increases the investor's risk. For example, if prepayments increase faster than expected, the investor faces greater risk. Unfortunately, there is no easy way to hedge model risk." Examining the properties of principal only (PO) and interest only (10) strips, Sims determines that the key rate durations for a client's PO strip are negative before year 8 but turn positive thereafter. The client's 10 strip has key rate durations that are positive up until year 10 but turn negative thereafter. Overall, the duration is positive for the PO strip and negative for the 10 strip. Sims is examining the effect of a yield curve change on the mortgages. Her assumption is that the short end of the yield curve increases while the Long end of the curve is unchanged.
Of the mortgages in Parker's portfolio, which of the following would be most appropriately hedged with a duration-based strategy?
A. Mortgage A.
B. Mortgage B.
C. Mortgagee.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
A duration-based hedging strategy hedges a fixed income position by matching the duration of the hedge and portfolio. This strategy focuses on the change in yield at a single maturity and is used for non-callable bonds with a single large payment due at maturity (bullets).
The problem with doing this for mortgages is that most mortgages are amortizing instruments (i.e., payments include both interest and principal). So for mortgages, there is typically not a single large payment due at maturity and its value is susceptible to yield changes at several different maturities.
Furthermore, mortgages are callable, which makes a duration based strategy even more problematic.
In the table, both mortgages B and C are non-amortizing, so a duration-based hedging strategy would be more appropriate due to their large bullet payment. Mortgage C has the higher prepayment penalty and is thus less likely to be refinanced (i.e., called by the homeowners). So of all the mortgages, C is most appropriately hedged with a duration based strategy.
Note that it could be argued that a more sophisticated two-bond hedging strategy should be used for Mortgage C and that current interest rates and mortgage coupons should be modeled (i.e., no mortgage should be hedged with a simplistic duration based straregy). However, the question asks, of the mortgages, which would most appropriately be hedged with a duration based strategy, not if the one mortgage would be best hedged by a duration-based hedging strategy. (Study Session 10, LOS 32.d
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