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BaFin "Monitoring" CRE Market And DePfa; Unlikely To Be Helpful

REAL ESTATE

German financial regulator BaFin "is monitoring CRE" market, acc to a statement to Bloomberg, in light of the drop in DePfa (rated BBB) (PBB GR) bonds, which are trading wider again today. High risk situation unlikely to be helped by BaFin, we fear.


  • DePfa’s cash curve is wider again today (excepting two T2 bonds, one of which is trading at barely 55cents anyway) with much of the senior unsecured curve multiple percentage points (OAS) wider on the week.
  • We assume that investors spooked by NYC Bancorp (NYCB US) are dumping credit linked to CRE, especially from issuers with a poor historic record.
  • BaFin’s recent record around enormous corporate fraud, Wirecard (where it attempted to sue those accusing Wirecard of fraud, including the FT), means we assume it will try hard to restore some credibility.
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