With retail in trouble, Deutsche Bank says short CMBS

Deutsche Bank is telling investors that it may be time to place bets against the CMBS market, as mounting problems in the retail sector threaten the health of some post-crisis bonds heavily exposed to lower quality retail properties.

  • By Max Adams
  • 13 Feb 2017
The trade, which some players in the market have been calling the “next big short”, involves shorting the BBB- tranches of certain CMBX indexes. Specifically, Deutsche Bank is recommending investors place bets against BBB- slices of the CMBX 6 and CMBX 7 indexes, which track movement in the ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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3 Wells Fargo Securities 72,661.39 222 9.63%
4 JPMorgan 52,367.24 169 6.94%
5 Credit Suisse 41,885.89 127 5.55%