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
4.1.14: Trepp Reports Further Decline in Delinquency
The CMBS delinquency rate continued its impressive decline in March, marking the tenth consecutive month the rate has fallen, according to Trepp. The rate dropped 24 basis points (bp) over the course of the month, bringing the delinquency rate for U.S. commercial real estate loans in CMBS to 6.54%. … [Read more...] about 4.1.14: Trepp Reports Further Decline in Delinquency
2.5.13: Spreads Tighten Further on Junior Investment-Grade CMBS
While AAA-rated senior investment-grade CMBS spreads remain flat, junior investment-grade CMBS spreads continue to tighten for recent CMBS issues as investors take on additional credit risk in search of more yields. Long-term super-senior CMBS with an initial 9.5- to 10-year life have seen spreads … [Read more...] about 2.5.13: Spreads Tighten Further on Junior Investment-Grade CMBS
6.29.12: CMBS Spreads Widen Further, Affecting Loan Rates
After holding relatively steady in the face of rising CMBS spreads, conduit loan rates are starting to increase; spreads on the two most recent deals from JP Morgan/CIBC and UBS/Barclays widened at pricing. Prior to these deals, CMBS spread widening was offset by decreases in the swap rate that left … [Read more...] about 6.29.12: CMBS Spreads Widen Further, Affecting Loan Rates