US office losses rattle bonds of German lenders
US Treasury Secretary Janet Yellen said losses in commercial real estate are a worry. Photo: Kevin Dietsch/Getty Images
Losses in the commercial property market, which have already sent some banks in New York and Japan into a tailspin, moved to Europe's biggest economy this week.
Bonds issued by real estate-focused German lenders slumped after Morgan Stanley analysts recommended clients sell senior bonds issued by Deutsche Pfandbriefbank AG because of its exposure to the CRE market in the US, according to people with knowledge of the matter who spoke on condition of anonymity.
