Wednesday, August 26, 2009

Those Aussies just can't come to an agreement

Bloomberg (sorry no link) was also out today with a story about a third Aussie firm that thinks CMBS is the best thing since sliced bread (more or less - that is journalistic discretion right there)

“We’re pretty confident the CMBS route is the best route
available to us,” Sewell said in a phone interview from
Melbourne yesterday. “The bank syndicate option would come with
upfront charges as well as ongoing covenants, whereas CMBS,
whilst it is a little bit more restrictive, doesn’t have ongoing
covenant issues.”

Oh, and Aussie CMBS is nothing like domestic CMBS - it's worse

About 44 percent of the rated Australian CMBS market, or
A$3.4 billion, is scheduled to mature in 2009, according to a
report by Fitch Ratings, creating a “maturity hump.”

1 comment:

TRADEBUM said...

What do you think about Canada's CRE. I am tired of the rest of the world poiting their up to their eyeballs in it with us fingers in our eye.