After an off-season dominated by accusations, suspensions, name-calling, and courtroom drama, the NFL finally gave football fans what they wanted when the Patriots hosted the Steelers on opening night. The game was not without something for the conspiracy theorists: Steelers coach Mike Tomlin complained that the Pats’ radio broadcast was coming through his headset throughout the first half.
After an off-month low-lighted by a spike in volatility, sizable stock market losses, hand-wringing, and teeth-gnashing, the financial markets finally gave investors what they wanted: some decent equity gains with no drama or sharp ups and downs. The Dow and S&P 500 were both up about 0.5% yesterday.
In the CMBS market, volume remained elevated with nearly $300 million out for bid. Spreads moved modestly tighter on the day despite the increased volume and the fact that the market is being flooded with new issuance this month. The spread on the CMBX 6 AAA was one basis point lower at 93, while the spread on the CMBX 6 BBB- was unchanged at 324. The GSMS 2007-GG10 A4 bond ended at 134 basis points over swaps, one basis points tighter on the day.
Following up on yesterday’s note about Quiksilver’s bankruptcy, the Wall Street Journal published a list of stores the retailer will be closing.
Lastly, in case you missed it, Lois Weiss of the New York Post reported yesterday that Steve Roth and Jared Kushner are considering a plan to overhaul 666 Fifth Avenue in Manhattan. The plan would change the 41-story office tower to a combination vertical mall, hotel, and apartment tower. The 666 Fifth property has long been associated with the excesses of the CRE bubble in 2007. Underwritten with the assumption that the property’s existing leases would be replaced with more lucrative ones, the $929 million CMBS loan ultimately was modified with a bifurcation in 2011. The loan is split across three deals which can be found here: 666 Fifth.
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