Goldman says go short on CMBX

A note published by two Goldman Sachs researchers this week recommended that investors go short on CMBX triple-As as the commercial real estate cycle eventually turns and spreads blow out on the CMBS bonds referenced by the index.

  • By Alexander Saeedy
  • 21 Mar 2019

The risk that any triple-A CMBX index would experience an actual credit event is low, given that the senior bonds the index references have abundant credit enhancement.

However, the CMBX triple-A spreads are currently paying at historic tights versus cash products. Given a widely expected downturn in ...

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