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Volume 1 - Number 7 | July 8, 2004

TOP STORY: Rising Rates Push Out IO Strips Rising interest rates are starting to affect the most interest-sensitive portions of CMBS deals: interest-only, or IO, strips. Now that rates are going up, analysts are starting to notice fewer IO strips being produced in this year’s crop of CMBS transactions

INSIDER: MONY Realty Capital's Richard Katzenstein Lost in the hubbub over AXA Financial's acquisition of The MONY Group this past spring (would opposition from institutional shareholders scuttle the deal? would AXA respond to concerns that the price was too low with a higher offer?) was the question of how the deal would affect MONY Realty Capital Inc., the real estate investment and securitization arm of MONY Group. But that’s apparently just fine with Realty Capital managing Richard Katzenstein.

Sector Watch- Warehouses: Slow Delivery Ahead The warehouse sector appears to be growing incrementally stronger as the economy gradually improves, but experts warn that this segment of the CMBS market—which is comprised of $12.2 billion in securitized loans—is likely to remain weak for some time.