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CMBS

2 statements across 2 episodes · 2 bullish · 0 bearish · 2 people on the record · first statement Sep 12, 2022 by Greg Lippmann · across every show →

Everything said about CMBS, oldest first

Sep 12, 2022 positive
Insight
Lippmann: Pairing interest-only CMBS with credit-sensitive bonds creates internal hedges
“One interesting trait to do in commercial mortgages is to buy interest-only securities, where if there's a delay in the refinancing of a property, the value of those soars, because they only get interest, and as soon as the property is refinanced, they're shut…”
Greg Lippmann Sep 12, 2022 ▶ 37:37 Greg Lippmann – The Big Short and Structured Credit at LibreMax (Capital Allocators, EP.270)
Nov 21, 2022 bullish
Disclosure
Brosens: Taconic bought 25% of all CMBS trust default-rights securities
“And so we ended up aggressively buying literally 25% of the entire market in those securities and built a real estate business around that opportunity set.”
Frank Brosens Nov 21, 2022 ▶ 37:25 Frank Brosens – Culture and Partnership at Taconic Capital (Capital Allocators, EP.282)
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