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Low Interest Rates Create New Layer of Risk for CMBS Deals

(Fox Business)

The CMBS market is facing new headwinds as a result of the extended period of unusually low interest rates.  Consequently, dealers may be forced to offer mark-downs or offer floating-rate debt on new fixed-rate CMBS to attract investors.  Harris Trifon with Deutsche Bank said, "It's very difficult to sell 10-year CMBS right now.  It's not that people aren't happy with the asset class.  It's more about the yield."  Stephen Schwartz with RBC Capital Markets says there has been a decided preference for bonds with lower credit and interest-rate risk in the secondary markets.  (Read the full story here.)

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