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Volume 3 - Number 1 | January 9, 2006
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TOP STORY: Inverted Yield Curve Creates Concerns
By Erika Morphy
Short-term US Treasury notes climbed higher than the 10-year note late last month, creating the much anticipated inverted yield curve. It is an unwelcome milestone, industry experts say, since it historically precedes a recession.
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Synthetic CMBS Deals Increasing
By Erika Morphy
Moody’s Investors Service rated more than $60 billion of synthetic transactions that referenced CMBS certificates in 2005. Compared with traditional CMBS transactions — $160 billion and counting — it is hardly a significant number. But volumes in synthetic CMBS products are expected to increase substantially this year.
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REIT Merger Prompts Lawsuit
By Benjamin Mark Cole
Arden Realty Inc.'s negotiated merger with GE Real Estate has prompted at least one lawsuit. The publicly held REIT announced last month that the deal was generating $45.25 per share — about $3.2 billion. But that is not enough, a Michigan pension fund alleges in a lawsuit.
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Capital Watch: CDO Market Growing
By Benjamin Mark Cole
A company that keeps the multifamily housing finance market liquid expects the collateralized debt obligation market — also known as the securitized CDO market — to rival the CMBS market in a matter of years. CharterMac, a publicly held real estate finance company with $24 billion in assets under management, says the CDO market is poised for significant growth.
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