CMBS

  • Euro ABS/MBS sees weak peripherals

    While broader markets have been boosted overnight by news on Greece, the European ABS/MBS secondary market is still showing signs of peripheral weakness.

    "It's been a slow week but we are bit weaker in Portuguese and Greek names," says one trader. "As a result of peripheral concerns we're seeing customers bringing out more and more paper."

    At the same time, .......

    SCIWire 28 May 2015

  • Euro secondary stays stable

    European securitisation secondary markets are staying stable despite the broader credit market weakness of the past couple of days.

    "Macro noise is keeping investors on the sidelines and there's quite a bit of new issuance to distract from secondary too," says one trader. "However, the general tone remains unchanged and we're still experiencing the status quo of the past couple .......

    SCIWire 27 May 2015

  • Specially serviced loan values rising

    The average appraised value for specially serviced US CMBS loans has increased slightly by 1%, according to Fitch. While the increase is marginal, there is a considerable range between the average for increases in appraisal values and the average for decreases.

    Approximately 51%, or 330 of the 641 loans in Fitch's study, experienced an increase in appraised value from the previous appraisal, .......

    News Round-up 26 May 2015

  • Euro secondary starts settled

    Last week ended quietly as anticipated for European secondary securitisation markets and, following the long weekend either side of the Atlantic, looks likely to begin this in settled form barring any interference from macro-driven volatility.

    Secondary spreads ended last week broadly unchanged on the day on the back of continued light flows. Meanwhile, the few BWICs there were on Friday .......

    SCIWire 26 May 2015

  • Performing maturity wave projected

    The US$64.2m Watergate loan - the fourth-largest in GSMS 2006-GG6 - is among some US$40.21bn of performing CMBS loans maturing this year, according to Morningstar. The agency says that this marks the start of a wave of loans securitised during 2005 to 2007 that are now approaching their maturity dates.

    Over an expected three-year wave, Morningstar says that US$264.63bn worth of performing CMBS loans .......

    News Round-up 22 May 2015

  • Financing portal debuts

    Auction.com has introduced its CRE Financing Portal, which enables investors to apply for financing on qualified assets via the Auction.com site. The portal provides investors with the opportunity to complete financing applications, view their loan application status in real time, upload documents from their desktop, laptop or tablet, access their term sheet and communicate with lenders directly.

    Financing options will be .......

    News Round-up 22 May 2015

  • CMBS 2.0/3.0 watchlistings continue

    US$1.2bn across 92 US CMBS 2.0/3.0 loans were newly watchlisted this month, mostly from the 2013 and 2014 vintages, according to Barclays Capital figures. The first 2015-vintage watchlisting also contributed to the overall balance.

    MSBAM 2013-C8 has the largest exposure to May's watchlistings at 10%, or US$120m, primarily from the largest watchlisted loan this month - the US$115m The Crossings .......

    News Round-up 22 May 2015

  • Euro BWICs ease

    The BWIC-led week in European securitisation secondary markets is easing to a close today.

    BWICs dominated ABS/MBS secondary trading once again yesterday and the bonds that traded did so in line with expectations. Flow trading was patchy once more, but broadly spreads remained unchanged though Italian and Portuguese paper continued to weaken.

    At the same time, European CLO secondary activity .......

    SCIWire 22 May 2015

  • Euro ABS/MBS holds up

    European ABS/MBS secondary spreads are mostly holding up despite a heavy BWIC calendar and a general risk-off attitude.

    "There were a lot of BWICs yesterday and nearly all line items traded well," says one trader. "The calendar is quieter today, but overall volume in BWICs significantly up."

    This contrasts with the rest of the secondary market, the trader adds. "Elsewhere .......

    SCIWire 21 May 2015

  • Euro ABS/MBS BWIC spike

    After another relatively quiet day yesterday, the European ABS/MBS secondary market looks set for a busy day today with a spike in BWIC volumes.

    For the most part secondary spreads remained range-bound yesterday on light activity. Although one trader notes: "Market tone is a little bit weaker away from core product - peripherals and mezz 2.0 CMBS have edged out, .......

    SCIWire 20 May 2015

  • Court proceeding for TITN 2006-3

    US Bank, as trustee for the Titan Europe 2006-3 CMBS, is seeking directions from the English courts under a Part 8 proceeding as to matters of contractual interpretation relating to noteholder entitlements under the priority of payments. The move is due to a continuing dispute between the class X noteholders and the other noteholders, the resolution of which is required .......

    News Round-up 20 May 2015

  • FNMA completes debut NPL sale

    Fannie Mae has disclosed the results from its first non-performing loans sale. The transaction comprised 3,068 loans with a UPB of US$762m, divided into two pools.

    Pool 1 accounted for 710 loans (US$173.8m), while Pool 2 accounted for 2,358 loans (US$587.9m). The winning bidders for the pools were SW Sponsor and Neuberger Berman Fixed Income Funds respectively. The cover bid .......

    News Round-up 19 May 2015

  • US CMBS stays stable

    US non-agency CMBS secondary market levels are staying stable.

    Despite recent broader market volatility CMBS secondary spreads up and down the capital structure have been reasonably stable. Now, with equities and rates recovering, that stability looks set to continue.

    "Investors are definitely axed to buy bonds and we expect spreads to remain stable for the rest of the month," says .......

    SCIWire 19 May 2015

  • ABS survey signals stability

    ABS investors remain comfortable with performance in the market, according to JPMorgan's mid-year ABS investor survey. This will likely be reflected in continued participation in the sectors that the investors currently invest in.

    JPMorgan ABS analysts expect ABS supply to reach US$200bn by year-end 2015, which would supplant the US$190bn of primary issuance in 2014. Survey respondents concurred, with 45% of .......

    News Round-up 19 May 2015

  • Auction listings up

    Auction.com and RealCapitalMarkets.com listings indicate that 84 properties with US$575m in balance from 80 distressed CMBS loans are out for bid in May and June. GCCFC 2005-GG5 has the highest exposure to the auctions at US$145m across nine properties, followed by LBUBS 2006-C4 with US$101m exposure from 13 properties, according to Barclays Capital figures.

    US$45m Meadowbrook North, US$34m Senator Office .......

    News Round-up 19 May 2015

  • Euro ABS/MBS builds up steam

    The European ABS/MBS secondary market looks to be building up a head of steam.

    Yesterday was, as expected, a quiet day with caution prevailing. However, there was patchy trading in the usual sectors plus an increase in interest in specific Spanish names. BWICs traded in line with expectations and overall spreads remained range-bound.

    With broader credit improving, today is likely .......

    SCIWire 19 May 2015

  • Euro ABS/MBS shows caution

    Some signs of caution are entering the European ABS/MBS secondary market, but it may not last.

    The quiet end to last week, which saw ABS/MBS spreads close unchanged has morphed into an even more cautious tone today with some signs of softening as broader credit edged wider on Greek concerns this morning. However, it is hoped that the building BWIC .......

    SCIWire 18 May 2015

  • CRE group bolstered

    Annaly Capital Management has beefed up its CRE investment team with a number of hires, including Jeffrey Thompson. He will serve as co-head of Annaly's CRE platform, along with current executives Michael Quinn and Robert Restrick.

    Thompson arrives from GE Capital Real Estate, where he was md - strategic capital group, leading the firm's CRE direct lending balance sheet programme. In this role, he focused .......

    Job Swaps 15 May 2015

  • Euro ABS/MBS looks ahead

    With a quiet end to the week likely the European ABS/MBS secondary market is looking ahead.

    As anticipated yesterday was a much quieter day in European secondary though a few more trades went through than first thought to be likely. On-BWIC the bonds that did trade did so broadly in line with recent levels and off-BWIC flows were constrained to .......

    SCIWire 15 May 2015

  • CMBS 2.0 ratings boost

    S&P has upgraded the JPMCC 2012-C8 class B, C, EC and D notes by one notch each to double-A plus, single-A plus, single-A plus and single-A minus respectively. The move is believed to be the first rating action on a CMBS 2.0 bond rated by S&P and follows Moody's upgrading of two COMM 2010-C1 tranches last month.

    The latest upgrades .......

    News Round-up 14 May 2015

  • Euro ABS/MBS ebbs

    The recent flow of secondary market activity is likely to ebb away today because of the Ascension Day holiday.

    "Secondary has picked up over the past couple of days and a couple of primary deals have priced at the tight end of guidance, so there's still a good amount of demand for assets," says one trader. "However, I expect it .......

    SCIWire 14 May 2015
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