何老师在固收基础课上说过，同样信用级别的MBS收益比公司债收益高，请问为何？
WallE_品职答疑助手 · 2020年11月10日
从风险的角度来说，
MBS carries reinvestment risks, prepayment risk, and the risk of negative convexity.
The negative convexity of MBS means it is more sensitive to increases in rates and less sensitive to declines in rates. (As interest rates rise, prepayments of the underlying mortgages decline, lengthening the duration.)
因此它有更高的收益。