CMBS

  • CRE pro poached

    Jonathan Pollack has joined Blackstone as a senior md in its real estate group. He will be the cio for Blackstone Real Estate Debt Strategies (BREDS), reporting to global head of BREDS Mike Nash. Pollack was previously md and global head of CRE for Deutsche Bank, as well as head of risk for structured finance.

    .......

    Job Swaps 16 June 2015

  • Online CRE loans offered

    RealtyMogul.com says it has received US$250m in direct fincial commitments from large institutional investors. The commitments will allow the online marketplace to offer two new products to CRE borrowers, including a three- to five year-floating rate bridge product priced in the 4% to 6% range.

    The other product is a fixed rate programme - which is priced in the 4% range - .......

    News Round-up 16 June 2015

  • Successful ED project 'requires support'

    While the European DataWarehouse (ED) has continued to make strides over the last 12 months, data shortcomings in the market which are beyond the ED's power to address threaten to derail further progress. For this reason, it may be necessary for the ED's mandate to be expanded.

    The ED tracks loan-level data for 890 deals, backed by more than 40 .......

    News 16 June 2015

  • Euro secondary quiet

    With the Barcelona conference getting fully underway today it is expected to be very quiet in the European securitisation secondary markets over the next couple of days.

    The participants that remain at their desks are likely to maintain the risk-off stance of the past week as Greece and broader credit market volatility continue to dominate attention. However, there is one .......

    SCIWire 16 June 2015

  • More of the same for European ABS/MBS?

    Last week's weaker tone in the European ABS/MBS secondary market looks set to continue.

    Last week saw overall ABS/MBS spread widening on the back of negative market sentiment, poor liquidity and broader rates volatility. This week is likely to see even more of the same with continuing Greek concerns and most market participants away from their desks in Barcelona.

    There .......

    SCIWire 15 June 2015

  • SFR default remedies differ

    Moody's suggests that special servicers will likely pursue different strategies to remedy defaults between single-borrower and multi-borrower SFR securitisations. This is because differences in the size of the borrowers of the loans backing these securitisations will affect the defaulted loan's recovery values under different resolution options.

    "Special servicers will be more likely to forbear or modify defaulted loans in single-borrower .......

    News Round-up 12 June 2015

  • Auction listings spike

    The latest Auction.com listings indicate that a further 44 properties with US$622m in allocated balance across 30 CMBS loans are up for bid in late June and July (SCI 19 May). This is the highest monthly auction volume year-to-date, driven primarily by several large loans, according to Barclays Capital CMBS analysts.

    "The increase in large loans was noticeable, with 13 .......

    News Round-up 12 June 2015

  • Euro ABS/MBS struggles on

    The European ABS/MBS secondary markets continue to struggle with poor liquidity and broader market volatility.

    Market tone continued to be weak on light volumes yesterday and looks unlikely to change today in the penultimate gasp before Barcelona amid further Greek concerns. Prime assets continue to attract what activity there is and spreads there are holding up reasonably well, while peripheral .......

    SCIWire 12 June 2015

  • Euro ABS/MBS drifts

    The European ABS/MBS secondary market is continuing to drift without volume or direction.

    "The combination of Greek headlines and the run up to Barcelona is making for a difficult environment," says one trader. "Liquidity continues to be exceptionally poor with a lot of investors sitting on the sidelines. There are still quite a few BWICs but we're only seeing very limited .......

    SCIWire 11 June 2015

  • CMBS divide emerging

    Fitch reports that a number of recent US CMBS deals have seen credit enhancement levels drop, despite the fact that collateral credit quality did not improve and in some cases declined. The agency notes that this goes against the conventional theory that credit enhancement rises as loan quality slips.

    The transactions in question, not rated by Fitch, are: COMM 2015-CCRE23; CSAIL .......

    News Round-up 10 June 2015

  • Euro ABS/MBS hindered

    The risk-off attitude across the European ABS/MBS secondary market is continuing to hinder activity.

    "Liquidity is pretty terrible at the moment," says one trader. "The tone of the market is generally weak with concerns about Greece hampering broader markets and ABS specific issues around the disappointment over the ABSPP."

    BWICs continue to be churned out however and are going through .......

    SCIWire 10 June 2015

  • Post-auction headache

    HUD NPL post-sale changes increase complexity

    The US Department of Housing and Urban Development (HUD) has been an increasingly significant source of NPL supply, but recent changes to its loan auction post-sale requirements make purchasing and securitising loans more challenging and expensive. Although the HUD is far from the only source of NPL supply, these changes are likely to have significant implications for the NPL securitisation .......

    News Analysis 9 June 2015

  • IRP updated

    The CRE Finance Council has updated its CMBS investor reporting package (IRP), with the aim of providing more comprehensive information. CREFC IRP version 7.1 will be effective from 30 June and includes updated servicer watchlist and portfolio review guidelines, as well as an updated loan modification report sample. Additionally, the IRP best practices now cover special servicer transfers, loan/REO liquidation .......

    News Round-up 9 June 2015

  • Loan-loss data added to mix

    Morningstar's loan-loss data is now available to subscribers of the agency's CMBS ratings and surveillance service via TreppAnalytics, TreppTrade and TreppDerivative services. In addition, Morningstar's monthly DealView surveillance analysis and loan calculation report - which highlights multiple property valuation approaches, valuation assumptions and loan-loss forecasts - are available on the Trepp deal snapshot. This follows the integration of Kroll Bond .......

    News Round-up 9 June 2015

  • Originator influx weakening CMBS

    Fitch says it is finding disparities in the underwriting metrics of US CMBS loans based on originator type, having measured 30 originators that range between large banks, small banks and non-banks. Against the five credit metrics it measured, the agency notes an overall decline in credit quality in recent months.

    "CMBS investors are becoming increasingly concerned about the ability of .......

    News Round-up 9 June 2015

  • Balloon date pay-offs slip

    The percentage of US CMBS loans paying off on their balloon date dipped sharply in May after an impressive April reading, reports Trepp. The latest reading is 69.8%, more than 10 points below the April rate, which was the highest reading since November 2013. The May rate is a little above the 12-month moving average of 66.1%.

    By loan count as .......

    News Round-up 9 June 2015

  • Euro secondary stabilises

    After a week of softening and amid continued broader market volatility the non-peripheral European securitisation secondary markets stabilised yesterday and have opened unchanged this morning.

    "It was a bit more active yesterday and the market appears to have stabilised," says one trader. "We saw two-way flows in quite a few sectors, though mainly in prime paper - from autos, to .......

    SCIWire 9 June 2015

  • Values-to-appraisals trending upwards

    Kroll Bond Rating Agency (KBRA) has released a report summarising trends in KBRA values to third-party appraisals, as well as KLTVs and credit enhancements across US CMBS. The KBRA value variance to appraisal has trended upwards across the agency's rated universe since it began rating conduit transactions in 2Q12, as property prices have increased over the same period.

    The average .......

    News Round-up 8 June 2015

  • Further Mint scrutiny stressed

    Fitch suggests that the exposure of hotel profitability to changes in supply and demand for rooms would have led to lower ratings on some tranches of the recent multi-jurisdictional Mint 2015 CMBS transaction, if rated by the agency. The difference is more pronounced for senior classes denominated in euros, where Fitch would not have assigned a triple-A rating.

    Fitch says that .......

    News Round-up 8 June 2015

  • Credit profile portal integrated

    Kroll Bond Rating Agency says its CMBS credit profile (KCP) analysis is now fully integrated onto Trepp's analytics platform. Features include KBC opinions that will be available for each class, a newly created KCP snapshot (which provides the transaction's aggregate losses in all three of Kroll's loss scenarios) and the ability for clients to view deal commentary via KCP reports.

    News Round-up 8 June 2015

  • CMBS delinquencies at year low

    US CMBS delinquencies fell by their largest margin in over a year thanks to high resolution volume and steady new issuance, according to Fitch's latest index results for the sector. Loan delinquencies fell by 19bp in May to 4.48% from 4.67% a month earlier, while the dollar balance of late-pays fell by US$646m to US$17.1bn from US$17.7bn in April.

    The .......

    News Round-up 8 June 2015
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