CMBS

  • Euro ABS/MBS stays positive

    The European ABS/MBS secondary market ended last week quietly and looks to be starting the month in a similar fashion, but market tone remains positive.

    In Friday's quiet as anticipated session core prime paper was the main focus for buying interest. The few BWICs there were, mainly revolving around UK bonds, also traded reasonably well.

    Meanwhile, peripherals seem to have .......

    SCIWire 1 June 2015

  • SFR market moves east

    While the single-family rental securitisation market continues to grow, the profile of the underlying properties is changing. Where earlier deals were overwhelmingly backed by properties from the western US, more recent deals contain heavier concentrations of eastern properties.

    SFR issuance this year has passed US$4.3bn and is on course to surpass last year's total, say Morgan Stanley analysts. It is .......

    News 29 May 2015

  • CMBS originations head named

    Wells Fargo has promoted Eric Gunderson to regional manager of US CMBS originations for the southwest US. He replaces Brad Wilmot, who has moved to Goldman Sachs in an undisclosed role.

    Gunderson is a director at Wells Fargo and was a senior commercial originator for the bank, prior to his new appointment. He has previously held senior roles at JPMorgan, RBS and Credit Suisse, .......

    Job Swaps 29 May 2015

  • Euro secondary subdued

    A distracted European securitisation secondary market looks to be closing the week in subdued manner.

    With traders distracted by a busy primary market and the large CDO liquidation, for which the results are yet to be released, yesterday's European secondary market was relatively quiet. Month-end today should ensure more of the same.

    Away from the big list the large ABS .......

    SCIWire 29 May 2015

  • Corinthian Colleges exposure gauged

    Corinthian Colleges recently announced closures for the remainder of its 28 campuses (see SCI's CMBS loan events database). Morgan Stanley CMBS strategists identify five CMBS 2.0/3.0 loans totalling US$94m with exposure to the closures, potentially representing idiosyncratic risk.

    The largest of the loans is the US$47.4m Netpark Tampa Bay (securitised in COMM 2014-UBS4), where Corinthian Colleges is the .......

    News Round-up 28 May 2015

  • CMBS workouts exceed transfers

    Moody's reports that a total of 122 European CMBS loans were in special servicing at the end of April, securitised within 45 large multi-borrower and 36 single-borrower CMBS transactions. One European loan was newly transferred into special servicing in April, while six loans were worked out.

    The pace of workouts continues to exceed new transfers, with the Government Income Portfolio .......

    News Round-up 28 May 2015

  • 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
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