CMO PROFILE SEARCH HELPFUL HINTS
Helping You Get The Most Out Of Your Searches


These search hints are your reference to maximize the power of our online CMO Profile Search engine to enable you to quickly and accurately access all subject offerings for your particular inquiry. You may even want to print out this page for use as a desk reference for those within your firm using this service.

Important basics to remember when entering your profile requirements into the Profile Search Page are:

IMPORTANT: Click on the Clear Search Criteria button prior to initiating any new search.

If no fields are entered on the Profile Search Page, then all subject offerings in the database will be displayed. Additionally, if any particular field is left blank, then ALL bonds included for that field will be displayed with no filtering by the search engine. For example, if you do not select a class coupon range, but choose to leave that field blank, then all class coupons will be displayed.

All Search Results are automatically sorted by AVERAGE LIFE. Unless otherwise stated, prepayment speeds shown are in % PSA; and spreads are to the "I" (Interpolated) curve.

ENTERING YOUR CRITERIA ON THE CMO PROFILE SEARCH PAGE

In this section we will review the use of the CMO Profile Search page which bests suits your profile. Each section of the page wherein you can enter information will be explained.

Some fields are user input fields, some are single selection type fields and the remaining are multiple selection type fields. Each will be identified and explained.


CMO Issue Field

Located at the top of the left column, this user input field allows you to enter a specific CMO issue to determine whether it appears in the database as a subject offering. You may also enter a CMO deal number without any tranche specification to locate all tranches of that deal which are currently in the database. This field is not case sensitive and is designed to locate matches for issues "containing" the string input by the user. For example, entering FHR 1999 PM or 1999 PM would determine whether the FHR 1999 PM is in the database. Entering FHR 1999 or 1999 would determine whether ANY tranches of the FHR 1999 deal are currently in the database. When using this field, ALL other fields on the page should be left blank!


Minimum Original Face Field

Located in the left column, this user input field allows you to enter a numerical value for a minumum original face for the bonds to be included in your search results, if you choose to do so. The numerical value may be entered with or without commas. For example, if you need 10mm original face, you may enter either 10000000 or 10,000,000. If you leave this field blank, then ALL original faces will be displayed.


CUSIP Field

Located at the top of the right column, this user input field allows you to enter a specific CMO CUSIP to determine whether it appears in the database as a subject offering. Note, searches using this field only are also responsive to a "starts with" character entry. For example, if you want to see only those bonds with temporary CUSIPS, then you would enter only a "B" into that field to see new issue bonds which have not yet settled initially. If you need to see only those bonds with their final CUSIPS (meaning that the first settlement on the CMO has already occured), then you would enter only the first character of the CUSIP. Typically, for FHLMC, FNMA and GNMA label issues it's a "3", and in the case of VENDE deals, a "9".

Note: the "starts with" capability of this field can also be used in conjunction with the other fields on the selection criteria page to further filter your searches. For example, if you wanted to see the offerings on only new issue PAC1s (and their sub-nomenclatures), then you would select all class types beginning with PAC1 in the Class Type scroll down field (holding down the Cntrl key while left clicking on each Class Type selection) AND enter a "B" in the CUISP field (the "B" signifying a temporary CUSIP number).


Average Life Field

Located in the left column, this user input field allows you to enter an average life range, if you choose to do so. The average life range entry must be in YEARS. If you leave this field blank, then ALL average lives will be displayed.


Class Coupon Field

Located in the left column, this user input field allows you to enter a range for class coupons you desire to find. This entry must be in %. To locate only 6.5% class coupons, enter 6.5 in both fields of the range for this field. If you leave this field blank, then ALL class coupons will be displayed.


Collateral Coupon Field

Located in the left column, this user input field allows you to enter a range for collateral coupons you desire to find. This entry must be in %. To locate only bonds with 7.5% collateral coupons, enter 7.5 in both fields of the range for this field. If you leave this field blank, then ALL collateral coupons will be displayed.


Window Lockout Field

Located in the left column, this user input field allows you to enter a range for window lockouts you may desire. This range entry must be in YEARS.

So, if you need a minimum lockout of two (2) years, then enter 2 in the first field and any reasonable larger number in the second field, say 5. This will display bonds whose lockouts are from 2 to 5 years. The range you enter should be wide enough to encompass all bonds for your average life range. In fact, the larger the range you enter (for any given minimum lockout) the larger the number of offerings you will be shown. For example, if you need that two(2) year minimum lockout, you would not enter a range of just 2 to 3 years because that would exclude bonds whose lockouts are longer than 3 years. You should, instead, enter a range of, say 2 to 7 years.

As a guideline, the longer the average life range you select, the wider the range should be in the window lockout field, so long as the minimum lockout is met. If you leave this field blank, then ALL window lockout profiles will be displayed.


Window Width Field

Located in the left column, this user input field allows you to enter a range for window widths you may desire. This range entry must be in YEARS.

If you have a requirement for a maximum window width, then this field is a real time saver. For example, if you need to see offerings where the maximum window width is 2 years, then you would enter a range of 0 to 2 in this field. This particular feature of our search engine can prove to be very valuable in locating bonds for those portfolios with extremely stringent window profile requirements. If you leave this field blank, then ALL window width profiles will be displayed.


Maximum Stated Maturity Field

Located in the left column, this single selection field allows you to select a maximum stated (or legal) final from subject offerings in our database. To make your selection, simply click on the DOWN arrow next to the MONTH box, then click on the month of the desired maximum stated maturity you desire. Now click on the DOWN arrow next to the YEAR box, then click on the year of the desired stated maturity. If you leave this field blank, then ALL maturities will be displayed.

BE AWARE THAT YOUR MAXIMUM STATED MATURITY SELECTION MUST BE THE NEXT MONTH FOLLOWING THE ACTUAL REQUIRED MATURITY!

For example, if you need a maximum stated maturity of December 2010, your selection must be January 2011.


Spread Range Field

Located in the left column, this user input field allows you to enter a range for spreads to the interpolated curve you may desire. This range entry must be in BASIS POINTS.

This particular feature of our search engine can prove to be very valuable in locating bonds for those portfolios desiring to position, for example, only very wide spread bonds relative to other offerings without regard to the FMED test. Another use is for those portfolios requiring FMED qualifying bonds, but still needing to achieve very wide spreads. Since the market seems to maintain reasonably defined spread thresholds for FMED vs. NON-FMED bonds in a given prevailing interest rate scenario, using this field can help you quickly extract those bonds which are likely to pass the FMED test. If you leave this field blank, then ALL spreads will be included in your search results.


Class Types Field

Located in the right column, this multiple selection field allows you to select as many class types as you desire to be included in your search results display. To make multiple selections (using the latest versions of either Microsoft Internet Explorer or Netscape Communicator browsers) you must hold the control key down, while left clicking your mouse for each selection. Do not release the control key until you have completed all your selections from class types or all previous selections will be cleared upon your making another selection in this field. It is very important to remember this or you will exclude bond offerings from your search results due to their class type being un-selected.

For all class types shown within this field, there is at least one corresponding CMO. Our search engine is designed to include all class type lables (without duplication) of bonds currently in the database from which you can make multiple selections. This is a dynamic field which changes as the database is updated. For example, if there is at least one CMO with a SC, PT label, then it will show as available within this field. If that particular CMO is no longer available with the next update and there are no others with that specific label, then the label will not appear within this field.

Also, you will see labels showing more than one nomenclature type, for example: AD, SEQ (accrection directed, sequential); or PAC1 or PAC1, EXCH or PAC1, SC. All of these labels may have significance to you as the user, however, for our database we always list the most important label first. In the above example, it is more important for you to know that a SC bond with a PAC1 structure is first a PAC1 then an SC bond. So if you need to see all PAC1 offerings (where the concensus prepayment speed lies within the current band), then you must make your multiple selections to include all class types showing PAC1 as the first nomenclature in the label; regardless of whether it's a PAC1, EXCH or PAC1, SC or PAC1, CPT, etc. If you want to see all PAC1's, then you need to select them all.

Since PAC tranches are viewed with special consideration by institutional investors, we clarify the current status of PAC CMOs by breaking them down into three subcatagories. Those subcatagory nomenclatures and explanations are as follows:


PAC1 (TO ALSO INCLUDE PAC1, EXCH; PAC1, SC; AD, PAC1, etc.):
True PAC1s. These are tranches with existing PAC1 bands where the concensus collateral speed lies within the band OR where the offerer has chosen to price the bond as a True PAC1, even though the actual concensus collateral speed my be running outside the upper collar of the band. So, for purposes of the offering, the bond is a True PAC1. Again, to include all PAC1s in your search results, be sure to select all class types showing PAC1 in the nomenclature.


PAC1B (TO ALSO INCLUDE PAC1B, EXCH; PAC1B, SC; AD, PAC1B, etc.):
Busted PAC1s. These are tranches with existing PAC1 bands, but where the concensus collateral speed lies outside the band OR where the offerer has chosen to price the bond as a Busted PAC1. This catagory is helpful when looking for bonds generally priced at wider spreads than true PAC1s, but where the remaining band will mitigate extension risk at collateral speeds lying within any existing band. Again, to include all Busted PAC1s in your search results, be sure to select all class types showing PAC1B in the nomenclature.


PAC1X (TO ALSO INCLUDE PAC1X, EXCH; PAC1X, SC; AD, PAC1X, etc.):
EX-PAC1s. These are tranches with NO existing PAC1 bands and essentially exhibit sequential cashflow profiles and should be priced as sequentials. This catagory is helpful when looking for sequential bonds and you need to see EX-PAC1s in those search results due to the similarity to sequentials. Again, to include all EX-PAC1s in your search results, be sure to select all class types showing PAC1X in the nomenclature.


In the same fashion, other multiple label nomenclature CMO's must be multiple selected accordingly. For example, if you want to see ALL Z bonds, then select Z; Z, SUP; Z, SEQ, etc.

If you plan to use this field, then you must remember this important guideline or you may not display all available offerings. If you leave this field blank, then ALL class types will be displayed.


Collateral Types Field

Located in the right column, this multiple selection field allows you to select as many collateral types as you desire to be included in your search results display. To make multiple selections (using the latest versions of either Microsoft Internet Explorer or Netscape Communicator browsers) you must hold the control key down, while left clicking your mouse for each selection. Do not release the control key until you have completed all your selections from collateral types or all previous selections will be cleared upon your making another selection in this field. It is very important to remember this or you will exclude bond offerings from your search results due to their collateral type being un-selected.

For all collateral types shown within this field, there is at least one corresponding CMO. Our search engine is designed to include all collateral type lables (without duplication) of bonds currently in the database from which you can make multiple selections. This is a dynamic field which changes as the database is updated. For example, if there is at least one CMO with GNJO (15 year GNMA) collateral then it will show as available within this field. If that particular CMO is no longer available with the next update and there are no others with that specific label, then the label will not appear within this field.

If you plan to use this field, then you must remember this important guideline or you may not display all available offerings. If you leave this field blank, then ALL class types will be displayed.


Settlement Dates Field

Located in the right column, this multiple selection field allows you to select as many settlement dates as are available to be included in your search results display. To make multiple selections (using the latest versions of either Microsoft Internet Explorer or Netscape Communicator browsers) you must hold the control key down, while left clicking your mouse for each selection. Do not release the control key until you have completed all your selections from the available settlement dates or all previous selections will be cleared upon your making another selection in this field. It is very important to remember this or you will exclude bond offerings from your search results due to their settlement date being un-selected.

For all settlement dates shown within this field, there is at least one corresponding CMO. Our search engine is designed to include all settlement dates (without duplication) of bonds currently in the database from which you can make multiple selections. This is a dynamic field which changes as the database is updated. For example, if there is at least one CMO with a 7/25 settlement, then it will show as available within this field. If that particular CMO is no longer available with the next update and there are no others with that specific settlement date, then that date will not appear within this field.

This field will give you the flexibility to display CMO offerings based upon their offered settlement date, IN ADDITION to the other parameters you enter in the selection criteria page. For example, if your inquiry is for bonds requiring settlement this month only, then you would choose all settlement dates shown for this month, including the "CORP" option. This will filter out CMO offerings that are offered for extended settlement in the subsequent month and new issue CMOs whose first settlement is at the end of the subsequent month.

If you plan to use this field, then you must remember this important guideline or you may not display all available offerings. If you leave this field blank, then ALL bonds for all settlement dates will be displayed.


Loan Age Range Field

Located in the left column, this user input field allows you to enter a range for collateral loan age you may desire. This range entry must be in MONTHS.

This feature of our search engine is perfect for locating bonds for those portfolios desiring to position CMOs with collateral conforming to seasoning requirments. Most of the time, buyers are indifferent to the seasoning of the collateral in the CMO issues they purchase. However, there also those buyers looking for a specific loan age range or a minimum loan age for CMO collateral in an attempt to position bonds with a prepay history and / or whose prepayments have stablized. Since this parameter relates to the CMO collateral, it appears in the search results as the number in parenthesis and resides in the same box as the Collateral Type and Coupon. If you leave this field blank, then ALL loan ages will be included in your search results.


New Or Changed Field

Located in the left column, this single selection field allows you to select a specific day when a CMO offering was either added or changed (as to spread or dollar price offering). To make your selection, simply click on the DOWN arrow next to the MONTH box, then click on the month of the desired day in question you desire. Now click on the DOWN arrow next to the DAY box, then click on the day number within the month selected. Now click on the DOWN arrow next to the YEAR box, then click on the year of the desired new or change date in question.

For example, if you want to see only those CMO offerings that are either new TODAY or whose pricing has changed TODAY, then select today's date within this field. If you leave this field blank, then ALL New or Changed Dates will be displayed.


Support And Search Assistance

We hope you find the above guidelines and suggestions useful, however, we realize that there is a learning curve associated with a service such as this that varies with each individual user. Accordingly, we are happy to assist you in defining your CMO Profile requirements and applying them to our search engine with the ultimate goal to make you proficient in getting the most out of your use of this service.

Please feel free to contact us anytime to help with any active CMO inquiries. We are also happy to take your requirements, perform searches for you, then email you the Search Results of subject offerings which potentially conform to those requirements.

Thank you for visiting CMOSPACE.com - a service of The GMS Group, L.L.C.