Shhhh...check out AAA spreads

Just a quick post to mention this story:
Spreads on AAA-rated CMBS have narrowed by 100 to 150 basis points as a rally in these securities continues for the second straight month, particularly in five-year triple-A paper, according to a new report from Trepp. Predictably, the spreads have narrowed more on loans backed by stronger collateral, Trepp says. The narrowing has occurred even amid what the CMBS information provider calls "continued negative headlines."
Combine TALF, underwriting and dealmaking and what do you get? This. Let's see where it goes.

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