Recently, JPMorgan sent a notice to its clients that did not mince words regarding its thoughts on the direction of interest rates: As the U.S. economy continues its expansion, we believe that U.S. interest rates will begin to rise. Many important indicators have shown notable strength of late, … [Read more...] about 6.17.15: JPMorgan Preps Clients for Direction of Interest Rates
CMBS spreads reversed direction and tightened in the past two weeks after CBMS offerings from Morgan Stanley/Bank of America (BoA) and Wells Fargo/RBS priced at sequentially tighter spreads from peak levels seen in June when UBS/Barclays widened pricing of long-term super senior CMBS from its … [Read more...] about 7.26.12: CMBS Spreads Reverse Direction and Tighten
Since the restart of the CMBS market in June 2010 when JPMorgan issued $716 million of CMBS, market participants have focused on a metric called debt yield. Debt yield is the property net cash flow (generally defined as actual income and expenses including management fees less capital reserves … [Read more...] about 4.3.12: What’s the Direction of Debt Yield on CMBS 2.0 Issues?