Gross Says Additional Easing Programs to Push Yields Higher
By Liz Capo McCormick - 2011.10.31 06:28 AM
Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., said the additional easing programs hinted at by Federal Reserve officials will push yields on longer-term Treasuries higher.
Monday, October 31, 2011
CNNMoney: Home prices heading for triple-dip
Home prices heading for triple-dip
By Les Christie October 31, 2011: 5:37 AM ET
NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom.
By Les Christie October 31, 2011: 5:37 AM ET
NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom.
Sunday, October 30, 2011
USA Today: 'Lost Decades' explains what damaged the U.S. economy
'Lost Decades' explains what damaged the U.S. economy
By Jon Rosen, Special for USA TODAY
Though the panic of collapsing markets is now behind us, Americans are experiencing a weak, painful recovery compounded by mounting public and private debt.
By Jon Rosen, Special for USA TODAY
Though the panic of collapsing markets is now behind us, Americans are experiencing a weak, painful recovery compounded by mounting public and private debt.
USA Today: Why zombies are taking over the economy
Why zombies are taking over the economy
Have you noticed that there's a slow, shuffling feeling of dread and impending doom in this economy?
Have you noticed that there's a slow, shuffling feeling of dread and impending doom in this economy?
Friday, October 28, 2011
Office Market Frankfurt - Q3 2011
Office Market Frankfurt - Q3 2011
At 316,300 sq m, the Frankfurt office space take-up in the first three quarters was 13% lower than in the previous year. Compared to the previous year, when the space take-up volume was strongly influenced by the owner-occupied take-up by the European Central Bank, this result can be seen as robust.Without the ECB take-up, the growth in take-up would in fact have been at a satisfactory 22%. The vacancy rate rose slightly compared to the previous quarter by 0.2% points to its current level of 17.3%. With 12,700 sq m office space having been completed in the third quarter, the volume of new completions is at its lowest level for three years. The achievable prime rent remained stable at €38.00/sq m/month.
Author(s): several
Source: CB Richard Ellis
Published: 27.10.2011
http://www.immopro24.com/market-report/office-market-frankfurt-q3-2011_1080.html
At 316,300 sq m, the Frankfurt office space take-up in the first three quarters was 13% lower than in the previous year. Compared to the previous year, when the space take-up volume was strongly influenced by the owner-occupied take-up by the European Central Bank, this result can be seen as robust.Without the ECB take-up, the growth in take-up would in fact have been at a satisfactory 22%. The vacancy rate rose slightly compared to the previous quarter by 0.2% points to its current level of 17.3%. With 12,700 sq m office space having been completed in the third quarter, the volume of new completions is at its lowest level for three years. The achievable prime rent remained stable at €38.00/sq m/month.
Author(s): several
Source: CB Richard Ellis
Published: 27.10.2011
http://www.immopro24.com/market-report/office-market-frankfurt-q3-2011_1080.html
Thursday, October 27, 2011
USA Today: Five ways the European debt crisis could affect the U.S.
Five ways the European debt crisis could affect the U.S.
By Richard Wolf, USA TODAY
WASHINGTON – The financial crisis that began in the United States in late 2007 swept across the Atlantic Ocean to Europe. Now, U.S. political and financial leaders are hoping a tentative deal to relieve Europe's government debt crisis will prevent a similar tsunami in reverse.
By Richard Wolf, USA TODAY
WASHINGTON – The financial crisis that began in the United States in late 2007 swept across the Atlantic Ocean to Europe. Now, U.S. political and financial leaders are hoping a tentative deal to relieve Europe's government debt crisis will prevent a similar tsunami in reverse.
Bloomberg: Economy in U.S. Probably Expanded at the Fastest Pace in a Year
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.
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.
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/
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