Hedge funds have been using credit-default swaps indexes known as CMBX to bet against CMBS that are most exposed to offices.

A large number of older offices will fail to lure back workers in the post-Covid era, making them less attractive to occupiers and spurring a wave of defaults, according to Daniel McNamara, founder of Polpo Capital Management.

It’s a totemic moment because Blackstone led the revival of the European CMBS market after the financial crisis.

The private equity firm had sought an extension from holders of the securitized notes to allow time to dispose of assets and repay the debt, according to people with knowledge of the plan. Market volatility triggered by the war in Ukraine and...

Major global banks have historically been the biggest customers for CLOs, but the ones that put the deals together didn’t use to be significant investors in their own vehicles.

Mortgage-backed securities usually get hit particularly hard by unexpected changes in interest rates. That sensitivity is known as negative convexity, but it’s all but disappeared for now, because home loan rates have surged and most homeowners...

Collateralized loan obligations rated AAA have seen their average prices rise to 97.6 cents on the dollar, compared with about 97 cents toward the end of last month. That’s close to the lowest on record since the financial crisis, excluding the...