Prologis, a reit, issued 152 million shares at $6.60 purposed for debt restructuring. REITs have been plugging the rally as its cheaper and more lucrative than trying to squeeze financing from banks. I believe they’ve all rallied following their secondaries as getting the deal done increases their chances of survival significantly – many of the REITs have funding gaps that the market is helping to fill.
The Treasury is considering allowing life insurers to tap the TARP.
Pulte Homes, a troubled homebuilder with lots of exposure in some of the hardest hit markets, announced their intention to acquire Centex, a troubled homebuilder with lots of high end exposure in some of the hardest hit markets.
Moody’s warned of likely municipal debt downgrades over the coming months as the downturn continues to weigh on the economy.
The Fed is considering offering 5 year loans via the TALF program to finance purchase of commercial mortgage backed securities.