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Conduit Loan Prices Down 10 BPs in December: DebtX

JAN 30, 2014 1:31pm ET
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Prices for the loans securing commercial mortgage-backed securities fell 10 basis points for December, but registered a gain of 4% for all of 2013, DebtX says.

Much of the price gain occurred in the first half of the year, adds Will Mercer, managing director. Prices for impaired performing loans were flat for 2013, while prices for nonperforming conduit loans fell over 4%.

The estimated price of conduit loans securing CMBS as of Dec. 31 is 92.6%, down from 92.7% at the end of November, but up from 89% on the same day in 2012.

DebtX's Loan Liquidity Index for December is 110.2, up from 107.6 in November and 108.6 in December 2012. This index measures the amount of capital participating in the secondary market for conduit loans.

Impaired loan prices in December are 79.7%, up from 79% in November and 80.5% in December 2012. The weighted average price for nonperforming commercial real estate loans is 48.4%, down from 49% on a month-to-month basis and down from 52.8% on a year-over-year basis.

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