Subject: Collateralized Debt Obligation (CDO)

Standard & Poor's has downgraded 46 classes of collateralized debt obligations backed by trust preferred shares because of the "weakening credit quality" of the mortgage REITS that issued the TruPS. The 46 classes are from nine CDO transactions. The rating ...

Commercial Real Estate Direct Staff Report Add Resource Capital Corp. to the long list of investors that are getting hammered by the volatility in the credit markets. The Philadelphia REIT that focuses on the commercial mortgage sector reported earnings today ...

Collateralized debt obligations backed by commercial real estate could be more heavily penalized under Moody's Investors Service's revised credit support rules. "We don't want to rule out any options," said Tad Philipp, managing director of the rating agency. The agency ...

CBRE Realty Finance Inc. said its latest collateralized debt obligation, CBRE Realty Finance CDO, 2007-1, provided with long-term capital at a weighted average rate of 40 basis points above Libor. The CDO was underwritten by Wachovia Securities and priced earlier ...

The widening of BBB CMBS, which started earlier this month, continued with the latest conduit to price, Morgan Stanley Capital I Trust, 2007-IQ13.The deal's AAA bonds priced in line with recent transactions. But its BBB bond stack widened by 15-25 ...

Commercial Real Estate Direct Staff ReportThe smack-down of the subprime sector two weeks ago hit the CMBS market and collateralized debt obligation market, as evidenced by wider spreads on new issues.But some CDO issuers - those who hadn't fully invested ...

NorthStar Realty Finance Corp. priced its latest collateralized debt obligation, N-Star Real Estate CDO IX Ltd., at an average spread of Libor plus 32 basis points.The $800 million transaction, which was lead managed by Citigroup, is 70.4 percent backed by ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-1330.045.06.79AAAAaa+26LiborA-291.5029.757.38AAAAaa+29LiborB34.5024.007.57AAAa2+35LiborC24.0020.007.68A+A1+49LiborD11.2518.1257.75AA2+54LiborE13.5015.8757.78A-A3+69LiborF12.7513.757.78BBB+Baa1+95LiborG13.5011.507.92BBBBaa2+115LiborH10.509.757.97BBB-Baa3+147LiborJ7.508.50NABBBa2NALiborK7.507.25NABB2NALiborPS43.500.00NANRNRNALibor*Notional amount, interest onlyCollateral balance (ramped-up): $600 millionBookrunner(s): RBS Greenwich CapitalLead Managers: RBS Greenwich CapitalCo-managers: Wachovia Securities, Morgan Stanley, HFF SecuritiesCollateral Manager: Mesa West CapitalTrustee: Wells FargoCollateral Summary: Whole loans (93.3 percent), B-notes (6.7 percent) 

Commercial Real Estate Direct Staff ReportNomura Credit & Capital has launched a $950 million collateralized debt obligation backed by a variety of short-term commercial mortgages.In the past, the issue's collateral, largely floating-rate loans originated for properties that were recently acquired ...

Commercial Real Estate Direct Staff ReportMesa West Capital, a Los Angeles specialty lender formed two years ago by former Credit Suisse lending executives, is issuing a collateralized debt obligation backed by up to $600 million of its originations.The transaction would ...