The General Growth Properties LCDS auction is currently ongoing, and just finished the Initial Bidding Period. The results will be posted in about 6 minutes, eventually followed by a final Dutch auction bidding process at 2 pm. The reason this is relevant as it could provide a significant repricing and valid market test of secured obligations in the CRE market.

The participating bidders in the auction is provided below (they will hopefully work not only on behalf of their prop desk but for their clients as well).

Bank of America, N.A.
Barclays Bank PLC
Citibank Global Markets Inc.
Credit Suisse International
Deutsche Bank AG
Goldman Sachs Loan Partners
J.P. Morgan Securities Inc.
Morgan Stanley Senior Funding, Inc.
The Royal Bank of Scotland PLC
UBS Securities LLC

Zero Hedge will be following this auction very closely.

The link to follow the GGP LCDX auction can be found here.

In other news, CRE's BFF - the CMSA, issued this press release earlier. It is good to know that CMSA is actively looking after the interests of commercial real estate players, and fighting tooth and nail to make sure not even one bid gets hit as malls continue on their steady path to zero tenancy. Regardless, Groper, who has traditionally been one of the most erudite bankruptcy judges, is not expected to provide adequate protection for Bankruptcy Remote Entities which have been filed as part of the chapter 11 process, contrary to the rhetoric below. A CMSA adverse settlement will likely be a major hit to the CMBS market in particular, and to CRE in general.

CMSA Actively Involved in GGP Issue; Bankruptcy Judge to Rule Today

U.S.