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The Next “Big Short” Tumbles To 13-Month Lows As Dept Store Sales Crash

Wednesday, March 15, 2017 22:00
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zerohedge.com / by Tyler Durden / Mar 15, 2017 3:11 PM

This arcane financial instrument appears to be quickly becoming ‘ground zero’ for the “next big short” of this bull cycle.

Last week we introduced the CMBX Series 6 as potentially the next ‘big short’ – a credit derivative contract that allows betting against securities backed by malls in weaker locations where stores could close in quick succession, triggering debt defaults. Based on fundamentals, the trade indeed appears justified: “Sold in 2012, the mortgage bonds have a higher concentration of loans to regional malls and shopping centers than similar securities issued since the financial crisis. And because of the way CMBS are structured, the BBB- and BB rated notes are the first to suffer losses when underlying loans go belly up.”

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The post The Next “Big Short” Tumbles To 13-Month Lows As Dept Store Sales Crash appeared first on Silver For The People.



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