標題:Commercial-Mortgage Bond Spreads Soar on Harlem Loan
美國商用不動產債券山雨欲來 貼水逼歷史高點
新聞來源:1.http://0rz.tw/574Il(Bloomberg)
2.http://0rz.tw/394Et(中央社)
By Sarah Mulholland
Aug. 21 (Bloomberg) --
Yields on commercial real estate securities relative to benchmarks rose to
near record highs amid concern that Riverton Apartments, a high-rise complex
in Manhattan's Harlem neighborhood, will default on a loan.
美國商用不動產擔保債券風險溢酬 (貼水)攀升近歷史新高，主要是紐約曼哈頓區公
寓大廈Riverton Apartments可能發生貸款違約；而分析師預估，類似案件可能陸續暴
發。
AAA rated commercial mortgage-backed bonds widened about 37 basis points to
305.57 basis points more than 10-year swap rates during the week ended
yesterday according to data from Bank of America Corp. A basis point is 0.01
percentage point.
美國銀行資料顯示，截至20日為止的一週，第一等級「AAA」評等的商用不動產擔保
債券，與十年期的交換利率合約殖利率差距擴大37個基點，報305.57基點。1基點是
0．01百分點。
The gap, or spread, jumped after a trustee report showed payments wouldn't be
made by Rockpoint Group LLC and Stellar Management in September on a $225
million loan on the 1,230-unit Riverton. The property was refinanced in
December 2006 using optimistic assumptions for anticipated income, a practice
that became common as prices reached their peak, said Alan Todd, head of
commercial-mortgage backed securities research at JPMorgan Chase & Co.
不動產擔保債券風險溢酬擴大，主要是一份信託報告顯示，證券化資產Riverton
Apartments的所有人Rockpoint Group LLC與Stellar Management公司，可能無法如期在
9月繳交出2.25億美元的貸款。摩根大通銀行 (JPM) 商用不動產擔保證券研究部門主管
Alan Todd表示，Riverton大樓在2006年12月時，以樂觀的超額收益估價，取得二次融資
；這種作法在不動產市場榮景時，是相當普遍的。
It is indicative of the type of loans that were allowed to get securitized
during this time,'' Todd, who is based in New York, said yesterday in a
telephone interview.
The $776 billion commercial-mortgage bond market hasn't faced the same rate
of late payments as debt tied to subprime home loans. Delinquencies on
commercial mortgage bonds increased 2 basis points to 0.43 percent in July,
according to Fitch Ratings. Total delinquencies for subprime loans in 2006
bonds climbed to 41.7 percent, based on July reports from trustees, from 34.2
percent in February, Standard & Poor's said today.
Rent-Stabilized Apartments
At Riverton, income projections factored in converting rent- stabilized
apartments to market rates. Almost 93 percent of the New York property's units
were rent stabilized when the loan was originated, according to a JPMorgan
report on Aug. 15 from analysts led by Todd. The owners intended to deregulate
53 percent of all the apartments by 2011, more than doubling the average
monthly rent on those units from $894 to $2,261.
Only 10 percent of the units in the 12 buildings were converted to fair-market
rents as of July, according to the Aug. 13 report from trustee LaSalle Global
Trust Services Ltd. in Chicago.
The borrower burned through a $19 million reserve to cover the shortfall in
cash flow that was expected from initially lower rent payments, according to
an Aug. 15 report from Lehman Brothers Holdings Inc. analysts Aaron Bryson and
Tee Yong Chew in New York.
A telephone call to Rockpoint wasn't immediately returned.
經彭博社向Rockpoint公司電話查證，但尚未獲得立即回覆。
The Riverton loan was packaged into bonds as part of a $6.6 billion commercial
mortgage debt offering sold in March 2007 by Citigroup Inc. and Deutsche Bank
AG, according to Bloomberg data. The losses on the loan could ``wipe out''
investors who bought the lower-rated pieces of the securitized debt, according
to the Lehman report.
根據彭博資料，Riverton擔保債券包裹在一筆66億美元的商用不動產擔保債券內共
同發行，於2007年3月由花旗集團 (Citigroup US-C)與德意志銀行(DeutscheBank AG
DE-DBK)代理銷售。
We expect that additional pro forma loans will likely suffer a fate similar
to Riverton Apartments,'' the Lehman analysts wrote.
雷曼控股的分析師報告指出，預期類似的超額貸款案件，可能都要面臨與Riverton
相同的命運。
心得：1﹒中央社就甘心A~~中間有些沒翻譯到的部份或許有熱心的高手會想表現一下@@
2﹒從去年底就有文章在討論商用不動產會是下一個次級房貸引爆點，現在是要開
始爆發了嗎？
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※ 編輯: elelaw 來自: 125.233.68.63 (08/22 09:10)
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