
	July 31, 2006 Welcome to The Pipeline, Andrew Davidson & Co., Inc.'s monthly newsletter. Created as a "pipeline" of relevant and useful information for participants in the fixed income industry, we address recent trends, changes and advances that our consultants, developers and sales force have extensively studied. We value your input and urge you to contact us with questions, comments or article suggestions. Enjoy!



	AD&Co. Update Model Performance Review Valuation Commentary

AD&Co. Update

Focus on Client Support

By Rob Landauer

We have worked hard over the years to deliver professional support in a timely and consultative manner. Nothing is more important to us than ensuring all of our client needs are served and well supported. In our efforts to maintain this gold standard of service as our client base grows, we have created a new account management structure with added personnel. Read more...

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Model Performance Review

Model Performance

By Dan Szakallas

Prepayments were relatively flat for the month of June, slowing after the increases posted in May. This was expected as mortgage rates climbed to 52 weeks highs during the month. Read more...

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Valuation Commentary

TBAs, SATO & Fannie 7.0

By Alex Levin

Those who follow AD&Co's weekly market analyses should have noticed a recent richening of FNCL 7.0. In just 6 weeks, Libor OAS (LOAS) fell from +13 bps to – 36 bps. What caused this significant change? How credible is it? Do major brokers agree with us? Read more...

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	This email was delivered to ilda@ad-co.com. The information contained in The Pipeline is believed to be reliable, but its accuracy and completeness are not guaranteed. All expressions of opinion are subject to change without notice. The Pipeline is provided for informational purposes only and is not a solicitation, endorsement or a recommendation for purchase or sale of any particular security. An affiliate of Andrew Davidson & Co., Inc. engages in trading activities in securities that may be the same or similar to those discussed in this publication. Copyright 2006.