The week long rally driven by the IRS guidance initially, and later buoyed by announcement that the NAIC would accept Realpoint as a rating agency, stalled on Friday. Demand also faded for all the REIT IPOs that were planning to target distressed commercial real estate debt.
Investors know that a number of headline making defaults are in the pipeline for the fourth quarter of this year, and are taking profits off the table in the current rally.
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