Between CREFC, ABS, MLK Day, and various snow days across the country (come on, Atlanta), the first full trading week we've had in a while started on a "glass half full" note. With such a poor showing two weeks ago, mere stabilization was good news for both the major US stock indexes and CMBS. A jump in consumer confidence helped support our early optimism, as investors chose to focus on the positive throughout the week, such as decent earnings reports. As can be seen in the chart below, trading volume maintained respectable levels throughout the week.
For those of you who read our monthly delinquency report, you know we have been anxiously awaiting the CWCapital note sales. Last week, Starwood Capital announced that it purchased 11 assets for $191 million. The loans are backed by 14 properties across four CMBS deals. The GSMS 2007 GG10 deal has the highest exposure to the sale, while MLCFC 2007-5 has the second greatest exposure. (Our January delinquency report will be out early next week.)
Finally, January loss severity came in at 58.51%, while liquidiation volume registered $1.28 billion. Loss severity was up more than 10 percentage points month over month.
Volume
|
GG10
|
CMBX 6 AAA
| |
Monday
|
$250 m
|
172 bps
|
86 bps
|
Tuesday
|
$300 m
|
170 bps
|
86 bps
|
Wednesday
|
$400 m
|
171 bps
|
89 bps
|
Thursday
|
$250 m
|
170 bps
|
88 bps
|
Friday
|
$200 m
|
167 bps
|
87 bps
|
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