This is the second AAA class in CMBS to experience a loss to-date, and it certainly won't be the last. It also wiped out the B - K classes, paid back interest shortfalls as far down as the K, and paid off A2, AAB, and portions of A3 and A1A.
h/t CrabsofSteel
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now, the question is who is next? In August, we'll see JPMCC 08-C2 lose a slew of classes from the sale of the Shops at Dos Lagos, possibly as high as C down. MLMT 07-C1 loses a few from the sale of Gwinnett Place. There are also some large losses waiting in the wings in BACM 07-1 and JPMCC 07-LDPX. And let's not forget MSC 07-HQ13, although the special says they are no longer marketing the Pier at Caesars. They must be hoping another hurricane will take it down for good!
This turned out better than I expected for credit IO holders.
The more loans which have unpaid interest and liquidate at once, the better it is for the credit IO holders. Orix managed the liquidation timeline so that three large loans were all liquidated the same month.
I wonder if they'll be replaced? Not sure if the concentration of holders in the AJ is enough to get them out?
Is there a way to see the concentration of holders outside of the two that have to publicly report holdings?
Teachers owns 11.1% and Reliance owns 3.17% of this one.
well kinda - you can trick Trepp into telling you what CDOs hold them but other than that and what Bloomberg shows I don't know of any other way.
I don't have a Trepp, perhaps some friendly reader will post any CDO holdings. We've got 11% identified already via HDS.
doesn't anyone use Intex->Data Analysis->Asset Search? You have to bug Intex to turn it on for you unless you use Intexcalc. Anyway, there's 29.15mm of the AJ in GRAMR051 (aka GKKRE 2005-1A). Also, Orix already got what they wanted so they wouldn't care if they were replaced (unless another huge loan went bloooey).
I bet their SS group cares.
Thanks for the pro tip crabs - I didn't know that search was available in IntexCalc. Way easier than my ghetto rigging.
The additional loans that have unpaid interest and liquidate directly, the higher it's for the credit IO holders. Orix managed the liquidation timeline so 3 giant loans were all liquidated a similar month.
Gorgeous!
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