Monday's Numbers and Noteworthy News

Newsworthy News

Signs of the times, courtesy of Commercial Mortgage Alert:

"Prudential [Mortgage Capital] Pulls Plug on CMBS Operation;" say it will no longer write loans for securitization.

"Centerline Lays Off 8% of staff;" the B-piece buyer and lender, has laid off 8% of its workforce while certain senior executives have taken pay cuts.

CMBS Year-to-Date Issuance:

U.S.  $9.9 billion (versus $81.0 billion in 2007)
Non-U.S. $5.3 billion (versus $25.2 billion in 2007)

Total  $15.2 billion (versus $106.2 billion in 2007)

"What a difference a year makes"

	April 30, 2008	One Year Ago	Change
Prime Rate	5.00%	8.25%	-3.25%
Federal Funds Rate	2.00%	5.25%	-3.25%
3-Month LIBOR	2.87%	5.36%	-2.49%
3-month Treasury	1.45%	4.86%	-3.41%
10-year Treasury	3.80%	4.67%	-0.87%
30-year Treasury	4.53%	4.84%	-0.31%

Monday’s Numbers

Year-to-Date Equity Market Performance:

DJIA⁽¹⁾: -1.56%
S & P 500⁽²⁾: -3.71%
NASDAQ⁽³⁾: -6.61%
Russell 2000⁽⁴⁾: -5.26%
MSCI U.S. REIT⁽⁵⁾: -9.12%

(1) Dow Jones Industrial Average.
(2) Standard & Poor’s 500 Stock Index.
(3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe.
(5) Morgan Stanley REIT Index.

U.S. Treasury Yields: (as of March 22, 2008)

3-month: 1.50%
6-month: 1.68%
2-Year: 2.45%
5-Year: 3.18%
10-Year: 3.86%

Pricing of Various Tranches of Commercial Mortgage-Backed Securities (as of March 12, 2008)

Rating; Term; Spread to U.S. Treasury Bonds

AAA; 5 years; +272 basis points
AAA; 10 years; +244 basis points
AA; 10 years; +662 basis points
A; 10 years; +862 basis points
BBB; 10 years; +1512basis points
BBB-; 10 years; +1812 basis points
BB; 10 years; +2100 basis points
B; 10 years; +2500 basis points

Source: Various Investment Banking firms such as Lehman Brothers, JP Morgan, and Morgan Stanley