ABS, ABX at bottom, extraordinary value seen: JPM
NEW YORK (Reuters) - JPMorgan Securities said on Friday actions by the U.S. government aimed at stemming systemic risk have created a bottom in prices for cash and derivatives segments of the asset-backed securities market.
"The actions taken this week, and those that are forthcoming, make it extremely likely that we have seen the bottom in ABS, ABX and non-agency MBS prices," said Chris Flanagan, analyst at JPMorgan Securities. "Even after Friday morning's sharp rally, we still see extraordinary value and move to overweight," the analyst said in a report.
(Reporting by Nancy Leinfuss; Editing by James Dalgleish)
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