For funds shorting CMBS, retailers’ turnaround plans are key

By Max Adams
06 Mar 2017

Hedge funds are shorting two synthetic indexes of post-crisis CMBS deals, with a third index being talked as the next target. Observers say that ailing retailers’ turnaround strategies are exactly what will play into the success of the trade.

The “big short” of the CMBS market was a frequent topic of discussion at the annual SFIG Vegas confab last week. Talks centred on a short put on by hedge funds targeting two post-crisis indexes — CMBX6 and CMBX7 — that have high exposure to weak retail properties ...

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