I don't know if those are standards worth arguing over or not, but at least they disagree on something.
Update: I incorrectly noted this was a CMBS deal on Friday, but Anonymous corrected me and it looks like it's a resi deal.
volume of CMBS conduit loans liquidated in February retreated sharply, falling 43%...
...February liquidations were about $228 million--representing an average loss severity of 25.55% ...
Following the lead of rival REI, sports equipment seller Dick’s Sporting Goods would like to open a store in the Big Apple. The Real Deal reports the retailer is seriously considering locations at 1333 Broadway, in the Herald Square area, and at 3 Columbus Circle, the building that made news in 2011 with one of the biggest office leases of the year.
Standard & Poor’s is frozen out of the commercial-mortgage bond market by the biggest underwriters after derailing a $1.5 billion sale by Goldman Sachs Group Inc. and Citigroup Inc. last July.
Since then, those banks along with JPMorgan Chase & Co., Deutsche Bank AG and Morgan Stanley have bypassed S&P’s credit ratings as they issued $11.3 billion of debt linked to skyscrapers, shopping malls and hotels, according to data compiled by Bloomberg.
Ed Sweeney , a spokesman for S&P, said the New York-based company’s CMBS analysts weren’t available to discuss the situation. “We believe our ultimate success will be based on the value investors derive from the ratings and research,” he said in an e-mail.
A notable example is New York City. Despite being the second-best performing city in the Case-Shiller index, the city has four big problems in multifamily CMBS; Stuyvesant Town/Peter Cooper, The Belnord, The Savoy and Riverton, the underperforming loans of which total $3.6 billion.
The dealer slashed yield spread premiums on bonds just below the safest tier of debt, a sign that investors are growing comfortable enough with the economic and real estate recovery to take slightly greater risks. Such bonds have also lagged a rally in CMBS this year, enhancing their attraction relative to top-tier debt, according to Roger Lehman, a strategist at Credit Suisse.
|Tranche||Rating (F/M)||Size ($mm)||C/E||WAL||Talk||Final Guidance|