标题:Commercial-Mortgage Bond Spreads Soar on Harlem Loan 美国商用不动产债券山雨欲来 贴水逼历史高点 新闻来源: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. 美国商用不动产担保债券风险溢酬 (贴水)攀升近历史新高，主要是纽约曼哈顿区公 寓大厦Riverton Apartments可能发生贷款违约；而分析师预估，类似案件可能陆续暴 发。 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. 美国银行资料显示，截至20日为止的一周，第一等级「AAA」评等的商用不动产担保 债券，与十年期的交换利率合约殖利率差距扩大37个基点，报305.57基点。1基点是 0．01百分点。 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. 不动产担保债券风险溢酬扩大，主要是一份信托报告显示，证券化资产Riverton Apartments的所有人Rockpoint Group LLC与Stellar Management公司，可能无法如期在 9月缴交出2.25亿美元的贷款。摩根大通银行 (JPM) 商用不动产担保证券研究部门主管 Alan Todd表示，Riverton大楼在2006年12月时，以乐观的超额收益估价，取得二次融资 ；这种作法在不动产市场荣景时，是相当普遍的。 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. 经彭博社向Rockpoint公司电话查证，但尚未获得立即回覆。 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. 根据彭博资料，Riverton担保债券包裹在一笔66亿美元的商用不动产担保债券内共 同发行，於2007年3月由花旗集团 (Citigroup US-C)与德意志银行(DeutscheBank AG DE-DBK)代理销售。 We expect that additional pro forma loans will likely suffer a fate similar to Riverton Apartments,'' the Lehman analysts wrote. 雷曼控股的分析师报告指出，预期类似的超额贷款案件，可能都要面临与Riverton 相同的命运。 心得：1﹒中央社就甘心A~~中间有些没翻译到的部份或许有热心的高手会想表现一下@@ 2﹒从去年底就有文章在讨论商用不动产会是下一个次级房贷引爆点，现在是要开 始爆发了吗？ --

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