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American Capital Agency Corp. Message Board

  • jtrader64 jtrader64 Nov 12, 2012 10:55 AM Flag

    OT - NLY looks to buy CXS and expand out of just agency

    Interesting development by NLY announced today.

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    • all my CXS ten days ago.

    • Looks like that NLY is not reinvesting CPR proceeds in new agency MBS. Nor have they decided the best course of action is to increase the buyback. But the best use of funds is to acquire CXS

      CreXus Investment Corp. is a real estate investment trust (REIT). The Company is a commercial real estate company that acquires, manages, and finances, directly or through its subsidiaries, commercial mortgage loans and other commercial real estate debt, commercial real property, commercial mortgage-backed securities (CMBS), other commercial real estate-related assets and Agency residential mortgage-backed securities. The Company also engages in long-term sale-leaseback and build-to-suit transactions with companies in the United States. The Company is managed by Fixed Income Discount Advisory Company (FIDAC). FIDAC is a wholly owned subsidiary of Annaly Capital Management, Inc. (Annaly).

      The NLY bid for CXS is 12.50 which is above book at 11.93 at 3Q12. I find this very interesting indeed.

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