Economy in U.S. Probably Expanded at the Fastest Pace in a Year
By Alex Kowalski - 2011.10.26 09:01 PM
The U.S. economy probably grew in the third quarter at the fastest pace this year as gains in consumer spending and business investment helped sustain a recovery on the brink of faltering, economists said before a report today.
Thursday, October 27, 2011
Wednesday, October 26, 2011
Bloomberg: Mongolia Delays First U.S. Dollar Bond Sale as Economy Set for 20% Growth
Mongolia Delays First U.S. Dollar Bond Sale as Economy Set for 20% Growth
2011.10.26 05:58 PM
Mongolia delayed plans to sell its first U.S. dollar-denominated bonds until 2012 as surging coal exports puts the economy on target to grow 20 percent this year.
2011.10.26 05:58 PM
Mongolia delayed plans to sell its first U.S. dollar-denominated bonds until 2012 as surging coal exports puts the economy on target to grow 20 percent this year.
S&P: What Constitutes A Sovereign Default For Standard & Poor's?
What Constitutes A Sovereign Default For Standard & Poor's? (00:10:29 min)
In this CreditMatters TV segment, Standard & Poor's Criteria Officer Alexandra Dimitrijevic discusses the characteristics that could constitute a sovereign default for Standard & Poor's, following the recent public attention to Greece's debt reprofiling. Besides missing a debt payment, Standard & Poor's could also consider some 'distressed' exchange offers or similar debt restructuring as equivalent to a default, if they meet certain characteristics.
In this CreditMatters TV segment, Standard & Poor's Criteria Officer Alexandra Dimitrijevic discusses the characteristics that could constitute a sovereign default for Standard & Poor's, following the recent public attention to Greece's debt reprofiling. Besides missing a debt payment, Standard & Poor's could also consider some 'distressed' exchange offers or similar debt restructuring as equivalent to a default, if they meet certain characteristics.
Deutsche Bank’s Gad Caspy takes over European CRE
Deutsche Bank’s Gad Caspy takes over European CRE
Posted on October 26, 2011 7:48 pm
Deutsche Bank has appointed Gad Caspy as its new European head of real estate, replacing Cyril Courbage who left the bank at the end of September, CoStar News has learned.
http://costarfinance.com/2011/10/26/deutsche-banks-gad-caspy-takes-over-european-cre/
Caspy, currently a managing director in Deutsche Bank’s New York-based global structured credit division, has worked closely with the divisions’ head, Elad Shraga, with their working relationship at Deutsche Bank reportedly dating back to a stint at the bank’s Tel Aviv branch.
Shraga has been integrating the European real estate team into his wider global structured credit division since the turn of the year as the bank seeks to target the much deeper US structured finance investor market for its European real estate debt.
Caspy is expected to relocate to London next month and to drive through the next phase of integration with the European commercial real estate team in the final months of frenetic year for the bank, reflected both in deal flow and personnel changes.
Deutsche Bank is currently attempting to syndicate three UK loans which were originally earmarked as its second CMBS of the year, before the mixture of events during and since the summer evaporated investor appetite for new origination securitised debt.
The Merry Hill loan, refinanced over the summer, is secured by shares in Queensland Investment Corporation and Westfield’s Merry Hill shopping centre on the outskirts of Birmingham. Given that the loan is secured by shares, rather than the property itself, pfandbrief-funded banks will unlikely be interested because they require fixed securities.
MEPC’s Milton Park, an Oxfordshire business park, secures the second £145m loan, which has drawn interest from Deutsche Pfandbriefbank who is understood to be considering how much to take.
The third loan is secured by Marcol Group’s Design Centre in Chelsea Harbour. The syndication effort is headed up by director Fiona D’Silva, who joined from Goldman Sachs over the summer, and director Bhavesh Patel, who has in part replaced Heath Forusz, who left the bank in August.
Last month, Deutsche Bank syndicated the majority of its £305m senior loan, secured by Blackstone’s Mint portfolio to GE Capital Real Estate, GIC and M&G Investments.
Next month, the bank is aiming to pull off the protracted funding of Richard Caring and Stephen Sharp’s 20 Grosvenor Square luxury residential development.
The £330m mixed senior and mezzanine facility is expected to drawdown with the existing lenders on the ticket, despite worsening market conditions and exacerbated capital prudence on the part of lenders.
Yesterday, the bank reported third quarter net income of €777m, but chairman and CEO Josef Ackermann, admitted that “the operating environment was more difficult than at any time since the end of 2008, driven by a deteriorating macro-economic outlook, and significant financial market turbulence”.
Since the turn of the year, Deutsche Bank has aggressively been selling down its exposure to peripheral sovereign debt – from €12.1bn to €4.4bn over the nine months to the end of September.
This includes €1.6bn in Greek debt which has been marked to market at 46% of its notional value leaving the remaining exposure at just €881m.
Deutsche Bank declined to comment.
jwallace@costar.co.uk
http://costarfinance.com/2011/10/26/deutsche-banks-gad-caspy-takes-over-european-cre/
Posted on October 26, 2011 7:48 pm
Deutsche Bank has appointed Gad Caspy as its new European head of real estate, replacing Cyril Courbage who left the bank at the end of September, CoStar News has learned.
http://costarfinance.com/2011/10/26/deutsche-banks-gad-caspy-takes-over-european-cre/
Caspy, currently a managing director in Deutsche Bank’s New York-based global structured credit division, has worked closely with the divisions’ head, Elad Shraga, with their working relationship at Deutsche Bank reportedly dating back to a stint at the bank’s Tel Aviv branch.
Shraga has been integrating the European real estate team into his wider global structured credit division since the turn of the year as the bank seeks to target the much deeper US structured finance investor market for its European real estate debt.
Caspy is expected to relocate to London next month and to drive through the next phase of integration with the European commercial real estate team in the final months of frenetic year for the bank, reflected both in deal flow and personnel changes.
Deutsche Bank is currently attempting to syndicate three UK loans which were originally earmarked as its second CMBS of the year, before the mixture of events during and since the summer evaporated investor appetite for new origination securitised debt.
The Merry Hill loan, refinanced over the summer, is secured by shares in Queensland Investment Corporation and Westfield’s Merry Hill shopping centre on the outskirts of Birmingham. Given that the loan is secured by shares, rather than the property itself, pfandbrief-funded banks will unlikely be interested because they require fixed securities.
MEPC’s Milton Park, an Oxfordshire business park, secures the second £145m loan, which has drawn interest from Deutsche Pfandbriefbank who is understood to be considering how much to take.
The third loan is secured by Marcol Group’s Design Centre in Chelsea Harbour. The syndication effort is headed up by director Fiona D’Silva, who joined from Goldman Sachs over the summer, and director Bhavesh Patel, who has in part replaced Heath Forusz, who left the bank in August.
Last month, Deutsche Bank syndicated the majority of its £305m senior loan, secured by Blackstone’s Mint portfolio to GE Capital Real Estate, GIC and M&G Investments.
Next month, the bank is aiming to pull off the protracted funding of Richard Caring and Stephen Sharp’s 20 Grosvenor Square luxury residential development.
The £330m mixed senior and mezzanine facility is expected to drawdown with the existing lenders on the ticket, despite worsening market conditions and exacerbated capital prudence on the part of lenders.
Yesterday, the bank reported third quarter net income of €777m, but chairman and CEO Josef Ackermann, admitted that “the operating environment was more difficult than at any time since the end of 2008, driven by a deteriorating macro-economic outlook, and significant financial market turbulence”.
Since the turn of the year, Deutsche Bank has aggressively been selling down its exposure to peripheral sovereign debt – from €12.1bn to €4.4bn over the nine months to the end of September.
This includes €1.6bn in Greek debt which has been marked to market at 46% of its notional value leaving the remaining exposure at just €881m.
Deutsche Bank declined to comment.
jwallace@costar.co.uk
http://costarfinance.com/2011/10/26/deutsche-banks-gad-caspy-takes-over-european-cre/
CNNMoney: Top 1% are getting even richer
AMERICAN DREAM DEFERRED
Top 1% are getting even richer
By Jessica Dickler @CNNMoney October 26, 2011: 10:51 AM ET
NEW YORK (CNNMoney) -- From 1979 to 2007, average household income for the nation's top 1% more than tripled, while middle-class incomes grew by less than 40%, according to a new report from a research arm of Congress.
Top 1% are getting even richer
By Jessica Dickler @CNNMoney October 26, 2011: 10:51 AM ET
NEW YORK (CNNMoney) -- From 1979 to 2007, average household income for the nation's top 1% more than tripled, while middle-class incomes grew by less than 40%, according to a new report from a research arm of Congress.
CNNMoney: Should I buy or rent?
Should I buy or rent?
By Walter Updegrave October 26, 2011: 7:33 AM ET
NEW YORK (CNNMoney) -- For the last three years, my husband and I have been renting a house. But I would rather buy than throw my money away on rent. Still, even though we have about $120,000 in savings, great credit and no debt, my husband is reluctant. The job he's had the past two years took 15 months to find, and it pays a lot less than his previous job. He's afraid buying now isn't a good idea because of the shaky economy. What do you think: Should we buy or continue renting? -- Jean J.
By Walter Updegrave October 26, 2011: 7:33 AM ET
NEW YORK (CNNMoney) -- For the last three years, my husband and I have been renting a house. But I would rather buy than throw my money away on rent. Still, even though we have about $120,000 in savings, great credit and no debt, my husband is reluctant. The job he's had the past two years took 15 months to find, and it pays a lot less than his previous job. He's afraid buying now isn't a good idea because of the shaky economy. What do you think: Should we buy or continue renting? -- Jean J.
Bloomberg: Sales of New U.S. Homes Hits Five-Month High
Sales of New U.S. Homes Hits Five-Month High
By Bob Willis - 2011.10.26 07:11 AM
Purchases of new U.S. houses rose more than forecast in September as discounted prices lured buyers in some parts of the country.
By Bob Willis - 2011.10.26 07:11 AM
Purchases of new U.S. houses rose more than forecast in September as discounted prices lured buyers in some parts of the country.
USA Today: New-home sales jump in September as builders cut prices
New-home sales jump in September as builders cut prices
WASHINGTON (AP) – Sales of new homes rose in September after four straight monthly declines, largely because builders cut their prices.
WASHINGTON (AP) – Sales of new homes rose in September after four straight monthly declines, largely because builders cut their prices.
Tuesday, October 25, 2011
SG: US Housing: Home prices dipped again in August
■ Home prices moved lower in 20 US cities during August (B. Jones)
S&P/Case-Shiller (SPCS) reported that home prices in the 20 US cities that they track fell by 0.05% in August, after a downward revised 0.15% decline in July. The August print marked the fourth consecutive monthly slide and was weaker than the median Street expectation for a 0.1% rise. Since April, home prices have fallen by 0.3%, erasing three quarters of the rise posted in that month. The reported August dip left the index 3.8% below its year-to-year level the smallest 12-month decline since April.
Monday, October 24, 2011
Reuters: U.S. throws lifeline to underwater homeowners
U.S. throws lifeline to underwater homeowners
By Margaret Chadbourn
WASHINGTON | Mon Oct 24, 2011 8:53pm EDT
(Reuters) - U.S. homeowners who owe more than their properties are worth got new help on Monday with the government's expansion of a refinancing program in a step that could help up to 1 million borrowers.
By Margaret Chadbourn
WASHINGTON | Mon Oct 24, 2011 8:53pm EDT
(Reuters) - U.S. homeowners who owe more than their properties are worth got new help on Monday with the government's expansion of a refinancing program in a step that could help up to 1 million borrowers.
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