From the category archives:

CMBS

How Could My Big, Beautiful Loan Go So Bad, So Quickly?

August 16, 2008

“It’s surprising that you’d have a New York City multifamily [default] happening so quickly,” said Manus Clancy, senior managing director at Trepp Research. Surprising, that is, unless the mortgage payment is more than double the monthly net income. Impossible you say? Not really, this was the beginning of 2007, and almost anything was possible. “Our [...]

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Putnam Investments Sees "Free Lunch" in CMBS

August 15, 2008

This article, published yesterday in American Banker, pretty much sums it up. BBB CMBX spreads, which have been climbing throughout July and August (Markit Group Says “Bienvenido!”), are now about 2500 basis points over Treasuries, which would equate to just about a 30% (!) yield. Despite the credit crisis—or perhaps because of it—there has never [...]

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Retail Woes To Ripple Through CMBS

July 29, 2008

One Less CRE Lilly Pad In The Real Estate Swamp The Wall Street Journal is reporting that lawyers for Mervyn’s LLC are telling creditors that the regional department-store chain will file for bankruptcy protection in the next few days, barring a last-minute cash infusion. Mervyn’s, which operates 177 stores, mostly in California, has been struggling [...]

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Blackrock: Back up the Truck on CMBS

July 1, 2008

Last week, traders reported volatility over CMBS and CMBX as headlines of bank downgrades and quoted predictions of summer oil at $170 a barrel influenced investor confidence. CMBX spreads widened and dollar prices dropped across all tranches of all series during the past week, according to JPMorgan research. Spread widening has continued this week amid [...]

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The Repricing of Risk: Petra Peels the Onion

June 29, 2008

In Ever Increasing Numbers, Vulture Investors Are Circling Commercial Mortgages, Citing a Price/Value Disconnect, But Expect Book Values to Remain Under Pressure as More Distressed Trades Begin to Hit the Tape. Petra Real Estate Opportunity Trust, a New York-based REIT intending to invest in commercial mortgage loans, recently filed a registration statement for an initial [...]

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CW Capital Takes B Piece on $1.4BB CMBS deal

June 24, 2008

Latest CMBS Deal Launched and Priced CRE Direct (www.credirect.com) reported that CW Capital, the mortgage lending subsidiary of Caisse de dépôt et placement du Québec, took the entire subordinated “B” note on Bank of America’s $1.3billion CMBS deal, which priced on the 19th, just one day after guidance was issued. It is only the eighth [...]

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Concerns Grow on CMBS Price Manipulation

June 23, 2008

AS EVIDENCE GROWS THAT THE SELLOFF WAS OVERDONE, OPPORTUNITIES TO INVEST WILL FADE. BE GREEDY NOW WHILE OTHERS ARE FEARFUL. In early April, I reported that the Commercial Mortgage Backed Securities Association had written to the Markit Group Ltd., the London-based administrator of the CMBX Index, a synthetic credit default swap derivatives index introduced in [...]

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CMBS Prices Reflect Irrational Fears

June 9, 2008

“MARKET FEARS AND THE LIQUIDITY CRUNCH HAVE DRAMATICALLY DISTORTED THE VALUE OF CMBS, CREATING ONE OF THE BEST ENVIRONMENTS IN HISTORY FOR INVESTING IN CMBS.” The Commercial Mortgage Securities Association (CMSA) yesterday presented new data on the pricing of commercial mortgage-backed securities (CMBS) compared to their fair value and returns relative to risk profile. The [...]

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PIMCO Still Piling into Mortgages

May 24, 2008

In April I posted Bloomberg’s report that had PIMCO more than doubled the mortgage holdings in its flagship Total Return Fund from 23% of assets in March of last year to almost 50% of assets in March of 2008. Now the FT is reporting that PIMCO has continued to build its position. Bill Gross, the [...]

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Good News for High Yield Mortgage REITs: Commercial RE Debt Markets Are Stabilizing

May 14, 2008

Is the Credit Crunch Over? Maybe, But Opportunities Still Abound in the REIT Wrecks World. REITwrecks is back! And with good news. Not only is the Indian Ocean still a great place to recreate, but according to indications in the CMBS and CMBX markets, and recent reports by all three of the major ratings agencies, [...]

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