maybe I dont understand these notes well so happy to be corrected.
my read is that the notes are priced more sharplythat those issues a year ago as Resimac Bastille 2023-1NC. Those notes went out with RMC paying a coupon of +1.75% on As and $2.65% on the Bs.
The recent notes went out with RMC paing a coupon of +0.5% on the JPY As, +1.25% on the local A's and +2.00% on the local B's. Cant see how JPY is not favorable. The overnight rate there is -0.6% so cost basically net 0 coupon plus FX hedge cost.
So my read is the recent notes is more sharply priceed which would support the net interest margin.
Please correct me if I have this wrong.
Ann: Resimac prices $750mm dual-currency Prime RMBS, page-4
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