Overview

**Registration for this event is now closed. Thank you for your interest.**

As the first half of 2025 draws to a close, uncertainty around a potential pause in Federal Reserve rate cuts and ongoing inflation concerns have shifted market focus to the evolving tariff landscape, along with the Trump administration’s tax and immigration policies. Investors now await further policy guidance. Join us in New York on June 25th for the annual Bloomberg Agency MBS and CRT Summit where agency, industry, and economic leaders will convene to share their thoughts on the state of the market and what’s to come.

This year’s Agency MBS and CRT summit will incorporate a full spectrum of thought leadership across the residential mortgage market with experts on the sell side, the buy side, and in the regulatory community.

We’ll feature a morning of focused on Credit Risk Transfer securities, with a series of discussions with the Freddie Mac STACR and Fannie Mae CAS teams, CRT Strategists, and CRT Traders to dive deep into the expectations for performance, market themes, and concerns for the remainder of the year. From there, we’ll transition into an afternoon centered around Agency Mortgage Backed Securities with leaders from Fannie Mae and Freddie Mac, Industry Strategists, Agency MBS Traders, as well as our very own Bloomberg Intelligence team.

**All event sessions are off-the-record.**

Agenda

9:30 AM – 10:00 AM

Registration

10:00 AM – 10:05 AM

Opening Remarks

Gabriella Robinson, Bloomberg

10:05 AM – 10:35 AM

GSE CRT Roundtable

Christian Valencia, Freddie Mac
Kathleen Pagliaro, Fannie Mae

10:35 AM – 11:10 AM

CRT Strategist Roundtable

Pratik Gupta, Bank of America
Sainadh Polisetty, One William
Eugene Belostotsky, CITI

11:10 AM – 11:50 PM

CRT Trader/PM Roundtable

Alex Zhang, Squarepoint
Kesi Wang, Bank of America
Oren Benzaquen, Guggenheim
Zachary Aronson, Mackay Shields
Liz Mcdonald, Morgan Stanley
Clay Armistead, Blackrock

11:50 AM – 12:05 PM

Break

12:05 PM – 1:20 PM

Lunch & Learn

CPR CRT, MM CRT

Muketsh Waghmare, Bloomberg

CPR Agency, BAM/BTM Editors, TBPF Mobile

Will Sarrett, Bloomberg
Robert Sainato, Bloomberg

Agency CMP

Gabriella Robinson, Bloomberg

1:20 PM – 1:30 PM

Agency MBS Welcome

Bradley Foster, Bloomberg

1:30 PM – 1:55 PM

Rates Outlook for the second half of 2025

Ira Jersey, Bloomberg

1:55 PM – 2:15 PM

Economic Outlook for the second half of 2025

Stuart Paul, Bloomberg

2:15 PM – 2:45 PM

Agency MBS outlook for the second half of 2025

Erica Adelberg, Bloomberg

2:45 PM – 3:00 PM

Coffee Break

3:00 PM – 3:20 PM

Prepayments & Agency Stories

Wei-Ang Lee, Bloomberg

3:20 PM – 3:55 PM

MBS Strategist Roundtable

Nicholas Maciunas, J.P. Morgan
Kirill Kyrlov, Robert W. Baird & Company
Walter Schmidt, FHN Financial
Ankur Mehta, CITI

3:55 PM – 4:25 PM

GSE Roundtable

Nick Sapirie, Fannie Mae
Jamie Miller, Freddie Mac

4:25 PM – 4:55 PM

Agency Trader/PM Roundtable

Barath Sankaran, Loomis
Jonathan Spitzer, Santander
Joe Sikoscow, LMR
Bassel Kikano, BNP
Kevin Breen, Citadel

4:55 PM – 5:00 PM

Closing Remarks

5:00 PM – 6:30 PM

Networking Reception

Speakers

Photo of Ankur Mehta

Ankur Mehta

Managing Director and the Global Head of Spread Products Strategy
Citi Research
Ankur Mehta is a Managing Director and the Global Head of Spread Products strategy at Citi Research. He and his team are responsible for formulating views and identifying opportunities across agency MBS, securitized credit, CLOs and corporate debt. Ankur was the head of agency MBS and securitized products before assuming his current role in 2023, and he continues to be responsible for covering those sectors at Citi. Before joining Citigroup in 2013, Ankur was the head of agency MBS research at Nomura and prior to that, he was a mortgage strategist at Bank of America.
Ankur and his team have consistently ranked amongst the top teams on the Institutional Investor fixed income survey over the past several years.
Photo of Alex Zhang

Alex Zhang

Squarepoint
Head of Structured Credit

Alex is currently the head of structured credit at Squarepoint overseeing all structured credit related portfolio management, and trading. Before Squarepoint, He worked at Guggenheim Partners in Santa Monica as a trader focusing on resi credit. Earlier in his career, he focused mostly in structured products including NA RMBS, CLO, and Agency CMOs in various hedge fund trading roles. His educational background is in math and financial engineering.

Photo of Bassel Kikano

Bassel Kikano

Head of Agency MBS Trading
BNP Paribas
Bassel Kikano is the head of Agency MBS trading at BNP Paribas. He joined the bank in 2016 and has been responsible for expanding BNP’s mortgage franchise across the globe. Prior to BNP, Bassel worked at Barclays, where he ran the Agency CMO, Agency CMBS and the Agency Reverse Mortgage businesses. He managed a top tier franchise capturing large market share as well as receiving several industry nominations.
In 2008, Bassel joined the Principal Mortgage Trading Group at Barclays as a portfolio manager focused on trading Agency MBS. In 2005, Bassel worked at Lehman Brothers as a banker and structurer for the Agency and Non-Agency Residential Mortgage businesses. During his tenure, he led a team of securitization bankers and worked with the Lehman Non-Agency trading desk. In 2003, Bassel joined Deloitte as a financial modeler.
Bassel is a Mechanical Engineer by education, graduating from the American University of Beirut in 1998. He also received a Master’s in Engineering Management with a focus on Financial Engineering from Cornell University in May 2003. Bassel graduated from Notre Dame de Jamhour (a French Jesuit school in Lebanon) in 1998 and was president of his high school charity in the US (Jamhour Alumni U.S.) for several years.
Photo of Barath W. Sankaran, CFA

Barath W. Sankaran, CFA

Agency MBS Portfolio Manager
Loomis, Sayles & Company

Barath Sankaran is a member of the Mortgage and Structured Finance Team at Loomis, Sayles & Company. He is a co-portfolio manager for the dedicated agency MBS strategies and a co-agency MBS portfolio manager for the Loomis Sayles Core Plus Bond Fund. Additionally, Barath guides other product teams at the firm in the optimal sector allocation and portfolio implementation of agency MBS.

Barath joined Loomis Sayles in 2009 as an analyst on the Mortgage and Structured Finance Team, where he initially focused on non-agency RMBS and gradually expanded his role to agency MBS. Since 2011, Barath has been dedicated to the agency MBS effort with the goal of developing best-in-class investment capabilities. He was instrumental in creating the firm’s proprietary prepayment model and has led the creation of a fundamentally-driven relative value approach to investing in specified MBS pools. In 2018, Barath was promoted to portfolio manager. Prior to Loomis Sayles, he held multiple roles at Johnson & Johnson, where he was a member of the Information Management Leadership Development Program, a Six Sigma dashboard architect and later a business relationship lead for the consumer products division.

Barath earned a BS from Carnegie Mellon University and an MBA from the Sloan School of Management at the Massachusetts Institute of Technology. He is a CFA® charterholder. Barath is fluent in German.

Photo of Clay Armistead

Clay Armistead

Managing Director, Head of Agency Mortgages and Securitized Products, Systematic Fixed Income
Blackrock
Clay Armistead, Managing Director, is Head of the Mortgage and Securitized Credit team for Systematic Fixed Income (“SFI”) at BlackRock. Prior to taking this role, he was Lead Portfolio Manager for this same team. He is currently an active member of the SFI Investment Committee.
Mr. Armistead’s service with the firm dates back to 2006, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was a portfolio manager and credit analyst specializing in residential mortgage-backed securities (RMBS) commercial-mortgage backed securities (CMBS) and asset-backed securities (ABS). Prior to joining BGI, he was a Vice President at Wall Street Analytics, where he was responsible for modeling CMOs and securitized products, and acted as a consultant for these products.
Mr. Armistead earned a BA degree in economics and engineering sciences from Yale University and an MBA degree with distinction from the University of Pennsylvania. At the University of Pennsylvania, he was recognized as a Palmer Scholar.
Photo of Eugene Belostotsky

Eugene Belostotsky

Head of Mortgage Credit and ABS Research
Citi Research

Eugene Belostotsky is the head of mortgage credit and ABS research at Citi. Prior to joining Citi, Eugene worked in structuring and trading roles at both sell-side and buy-side firms. Eugene holds a Bachelor of Science degree from MIT and a Master of Science degree from the London School of Economics.

Photo of Joe Sikoscow

Joe Sikoscow

Portfolio Manager and Co-Head of Mortgage Business
LMR Partners

Joe Sikoscow is a portfolio manager and co-head of the mortgage business at LMR partners. He is focused on relative value strategies across the mortgage spectrum from Agency TBAs to CRTs. Prior to LMR Partners, he worked at Fieldstreet Capital Management and prior to that, on the sell-side at Nomura & Deutsche Bank.

Photo of Jonathan Spitzer

Jonathan Spitzer

Managing Director and Senior Trader
Santander US Capital Markets

Jonathan Spitzer is a Managing Director and senior trader on the Agency Collateralized Mortgage Obligations (CMO) Trading at Santander US Capital Markets (SANCAP). Mr. Spitzer is responsible for the structuring and trading of GNMA/FNMA/FRE CMOs. Mr. Spitzer spent the last 4 years at Amherst Pierpont Securities (APS) and joined SANCAP in early 2023 after APS was acquired by Banco Santander. Prior to joining SANCAP/APS, Mr. Spitzer traded Mortgage Backed Securities and CMOs at RBC, BNP, and Citigroup. Mr. Spitzer holds a B.A. in Economics from the University of Michigan.

Photo of Kirill Krylov

Kirill Krylov

Managing Director and Fixed Income Portfolio Strategist
Baird

Kirill Krylov, Managing Director and Fixed Income Portfolio Strategist specializes in developing fixed income portfolio strategies for depository clients, public fund clients, central banks, insurance companies, and professional money managers. Prior to joining Baird in 2009, Kirill had been with RBC Capital Markets for 8 years. He has served in a variety of analytical and managerial roles (MBS Strategist, Agency sector analyst), and as a Head of the RBC Portfolio Strategy group. Kirill is well recognized in the industry and is frequently quoted in the financial press (e.g., Wall Street Journal). Prior to joining RBC Capital Markets, Mr. Krylov held a number of analytical / trading positions at Cargill Inc. He earned a bachelor’s degree as well as Ph.D. from the University of St. Petersburg, Russia, a Masters in Accounting and Financial Analysis from the University of St. Thomas and an MBA (concentration in Finance) from the University of Chicago.

Photo of Kathleen Pagliaro  

Kathleen Pagliaro  

Vice President, Single-Family Credit Risk Transfer   
Fannie Mae

Kathleen Pagliaro is Vice President of Single-Family Credit Risk Transfer, reporting to the Senior Vice President of Single-Family Capital Markets. She is responsible for implementing strategies to transfer credit risk associated with Fannie Mae’s Single-Family guaranty business to the capital markets and private investors. As Vice President, she leads the efforts for the new issuance execution of Fannie Mae’s flagship Connecticut Avenue Securities® (CAS) program. Under her leadership, Fannie Mae successfully restarted the CAS program in October 2021 after an 18-month pause.

Pagliaro previously served as Fannie Mae’s Director for Credit Risk, a cross-functional role that included supporting the advancement of the company’s credit risk transfer objectives and developing approaches to expand the CAS investor base. Prior to joining Fannie Mae in 2011, Pagliaro was an equities trader at FBR Capital Markets where she focused on the real estate sector.​

Pagliaro has a Bachelor of Science in business administration from Georgetown University.

Photo of Kevin Breen

Kevin Breen

Agency MBS
Citadel

Kevin joined Citadel in 2019 as a Senior Strategist focusing across Agency MBS products including TBA, Specified Pools, single-family and multi-family CMOs. Prior to Citadel, he ran similar strategies at Fieldstreet Capital Management, C12 Capital and Barclays. Kevin started his career within the Fixed Income group within Citi’s Alternative Investment Division in 2002. Kevin received his MS in quantitative finance from NYU’s Courant Institute and BA in Economics and Mathematics from Boston University.

Photo of Kesi Wang

Kesi Wang

SPG Senior Trader
Bank of America

Kesi Wang is a director and senior trader in the securitized product group at Bank of America. Kesi leads the Credit Risk Transfer (CRT) and Digital Infrastructure trading business, as well as CRE CLO and Conduit AAA trading. Prior to that, Kesi has held various roles in trading and banking within Bank of America. Kesi graduated from Boston College and is a CFA Charterholder.

Liz McDonald

VP
Morgan Stanley

Liz McDonald is a VP on the Morgan Stanley Non-Agency RMBS desk.  Prior to joining Morgan Stanley, Liz worked at JP Morgan from 2016-2021.  Across her career she has traded all parts of the non-agency universe with a current focus on CRT, legacy, and subs.  She graduated with honors from Princeton University in 2016 with an A.B in Economics and a concentration in Finance.

Photo of Nick Maciunas

Nick Maciunas

Managing Director and Head of Agency MBS Research
J.P. Morgan

Nick Maciunas is a Managing Director and head of Agency MBS Research at J.P. Morgan. His work focuses on market strategy, analyzing prepayment trends, and interpreting policy. In addition, he contributes to the development of the firm’s prepayment models. Nick and his team have been recognized by Institutional Investor’s Fixed Income Survey with rankings in Prepayments, Agency CMOs & Derivatives, and Strategy. He earned an AB in Economics from Princeton University.

Oren Benzaquen

Managing Director and Head of Non-Agency RMBS
Guggenheim Securities

Oren Benzaquen is a Managing Director and Head of Non-Agency RMBS at Guggenheim Securities. He joined in February 2024. Oren is responsible for secondary trading across the Non-Agency space as well as non-cusip mortgage opportunities. Before joining Guggenheim, Oren spent over 12 years at Barclays where he last ran the Non-Agency RMBS trading desk and held various trading roles during his time there. Oren has been trading CRT since the inception of the product in 2013. Oren graduated from Columbia University in 2011 with a BA in Econ-Math.

Photo of Pratik Gupta

Pratik Gupta

Managing Director and Head of Global CLOs and US RMBS Strategy
Bank of America

Pratik Gupta is a Managing Director and head of CLO and RMBS Strategy. Gupta and his team are responsible for covering trends in mortgage credit, Housing and its securitized market in the US and publishing their views on relative-value across sub-sectors and focal risk points for investors, as well as highlighting issues around governing documents and ongoing court cases. Gupta is responsible for covering the CLO market, focusing on underlying CLO manager behavior, trends in the underlying leveraged loan asset class, relative value and performance trends. Regular research publications include Non-Agency Alert, Non-Agency MBS Weekly, CLO Alert, and CLO Weekly.

Gupta has been ranked #1 in the Institutional Investor Survey for the past 5 years in Non-Agency RMBS since 2020. He has been ranked #1 in CLOs for the past 4 years since 2021. His team was ranked as the ‘Best US CLO Research’ in the 2021, 2022 and 2023 Creditflux survey. He has been awarded with the ‘Best Research’ award by the LSTA and Deal Catalyst in 2023, 2024 & 2025.

He was the co-head of RMBS/CLO research at Nomura until 2019. He has an MBA from the Indian Institute of Management (IIM), Ahmedabad, and a Bachelor’s and Master’s in Electronics from the Indian Institute of Technology (IIT), Madras.

For more information about any awards cited, visit https://go.bofa.com/awards

Photo of Sainadh Polisetty

Sainadh Polisetty

Senior Portfolio Manager for the Residential Credit Strategy
One William Street Capital Management

Sainadh joined One William Street Capital Management in 2014 and currently serves as a Senior Portfolio Manager for the Residential Credit Strategy. In this role, he is responsible for sourcing, structuring, monitoring, and executing investments in securities and whole loans across residential mortgage credit. Sainadh holds a Master of Science degree in Operations Research and Financial Engineering from Columbia University.

Photo of Walter N. Schmidt

Walter N. Schmidt

Senior Vice President and Manager Mortgage Strategies
FHN Financial

Walt is a 30-year fixed income veteran and is based in the Chicago office. Walt focuses on Total Rate of Return Structured Product portfolio strategies for money managers, insurance companies, central banks, sovereign wealth funds, corporations, hedge funds, municipalities, and large depositories on a global scale. Walt is responsible for the management of the Mortgage Strategies area and the coordination of the Structured Product business within the firm. He is a frequent public speaker and discussion facilitator in both industry association and customer-sponsored settings. He has also been widely quoted in the print media and has appeared in the television media to discuss market trends.

Walt holds an M.B.A. from the Booth School of Business at the University of Chicago with concentrations in Finance and Accounting, an M.A. from the University of Chicago in Social Science/International Relations, and a B.A. (with Honor) from Michigan State University in Social Science/International Relations. He is a member of both the CFA Institute and the CFA Society of Chicago.

Photo of Zachary Aronson

Zachary Aronson

Director Securitized Products
MacKay Shields LLC

Zachary Aronson is a Director at MacKay Shields LLC, serving as a Portfolio Manager and Structured Products Credit Analyst on the Global Credit and Global Fixed Income teams. He focuses on investments across Residential Mortgage-Backed Securities (RMBS), Commercial Mortgage-Backed Securities (CMBS), and Asset-Backed Securities (ABS). He is a portfolio manager for the NYLI MacKay Securitized Income ETF (SECR), an actively managed fund offering exposure to structured credit markets. Prior to joining MacKay Shields in 2019, he worked at Ally Bank where he was responsible for analyzing and trading Asset Backed Securities, Commercial Mortgage-Backed Securities and non-Agency Residential Mortgage-Backed Securities.   Zach earned a Bachelor of Science in Finance in 2009 from the Robert H. Smith School of Business at the University of Maryland, College Park. He has been in the investment management industry since 2009.

When & Where

Wednesday, June 25, 2025
9:30AM Guest Arrivals & Registration
10AM – 5PM Programming
5PM-6:30 PM Networking Reception

Bloomberg L.P.
731 Lexington Avenue
New York, NY 10022
7 MPR