On Thursday, April 2, the 10-year swap rate once again fell below 2.0%, after Labor Department data showed U.S. employers added the fewest jobs in March in more than a year. The rise of 126,000 jobs was well below expectations for a gain of 245,000 forecast by economists. Prior to Thursday, the … [Read more...] about 4.2.15: 10-Year Swap Rate Falls Below 2.0%, Again
5.30.14: 10-Year Treasury Falls Further, Confounding Experts
The yield on the benchmark 10-year Treasury note fell further this week, closing at 2.46% on Friday after closing at 2.44% on Wednesday, the lowest closing yield since July 2013. The move caught just about everyone by surprise. I sure can’t figure it out, but here is what one of our investment … [Read more...] about 5.30.14: 10-Year Treasury Falls Further, Confounding Experts
9.20.13: CMBS Spreads Tighten Slightly as Swap Rate Falls
Spreads on new CMBS issues narrowed only slightly as financial markets rallied in response to the Federal Reserve’s surprise announcement that it would keep its massive bond-buying program running full-tilt. However, CMBS conduit loan borrowers still caught a break as the 10-year Swap Index used to … [Read more...] about 9.20.13: CMBS Spreads Tighten Slightly as Swap Rate Falls
9.2.12: Delinquency Rate Falls 21 BP in August – Largest Decline Since November 2011
The long-anticipated leveling off of the U.S. CMBS delinquency rate became a reality in August. Over the last few months, we predicted that the Trepp CMBS Delinquency Rate would hit a high in early to mid-summer then decelerate in the second half of the year. That prognostication came to fruition in … [Read more...] about 9.2.12: Delinquency Rate Falls 21 BP in August – Largest Decline Since November 2011