by Calculated Risk on 8/19/2008 04:09:00 PM

Click on graph for larger image in new window.

The CMBX is a CMBS (Commercial Mortgage-Backed Securities) credit default index just like the ABX - except up is down for the CMBX indices. The CMBX is quoted as spreads, whereas ABX is quoted as bond prices. When the spreads increase - chart going up - the bond prices are going down.

Most of the CMBX indices are setting new record lows again.

This graph is the CMBX-NA-BB-4 close today.