Comings and Goings

According to one reporter (see image at bottom), there was an amazing event where a multi-borrower CMBS deal was completed without anyone in the CMBS market realizing it . The headline reads, "Keystone Completes Market's First Multi-Borrower CMBS in Two Years". Of course, that is not exactly true - Keystone made a loan that they hope to put in a CMBS deal in 4 or 8 months, or so...

Not sure if you heard, but delinquencies are up:

The hotel delinquency rate grew the most in January, to 9.82%, followed by retail loans, which make up 30% of the total outstanding balance and 40% of last month's new delinquent loans. On a percentage basis, the month-to-month change in the delinquency rate--which now sits at 5.24%--was bigger for retail than the hotel sector.

Markit added additional volatility, er, I mean, they added a new tranche to the CMBX index to represent a basket of AM bonds.

DDR is no longer pursuing a second CMBS deal, instead raising $304mm in new equity (equity is cheaper and easier than senior mortgage debt).






It's disturbing no matter how you twist it - reality, photoshopped, reality, photoshopped...