DebtX Pushes CMBS Pricing Data to Bloomberg
DebtX, a large online marketplace for commercial debt, said Thursday that its commercial loan pricing data is now available to Bloomberg subscribers via the Bloomberg Professional service, marking the first time is the first time the underlying CRE loan pricing data in a CMBS issue is available to the entire market. DebtX's DXMark platform enables investors and rating agencies to determine the underlying value of loans in a CMBS issue by providing valuations based on competitive sales of CRE loans executed within DebtX's online marketplace; for HW readers unfamiliar with the company, DebtX maintains a large presence in managing the sale of industrial and commercial real estate debt. The company recently made a foray into residential whole loans, as well, as HW reported on Aug. 20. The company has aggregated CRE loan pricing data from transactions involving more than 300 financial institutions and 4,000 investors, it said. The integration of DXMark with the data and analytics on Bloomberg allows users to more deeply analyze any or all of the individual loans in a CMBS issue. Valuations of CRE loans are expressed as a percentage of par value of the loan pool and as a dollar value. For example, if the CMBS issue is based on $500 million in CRE loans and the DXMark indicates the loans are worth 95 percent of par value, the valuation of the loan pool would be $475 million. "Bloomberg and DebtX are delivering much-needed transparency to the CMBS market by making loan pricing data widely available," said DebtX CEO Kingsley Greenland. (If only such pricing transparency existed for RMBS issues in the private-party market.) For more information, visit http://www.debtx.com.