CMBS

  • 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

  • Pulled CMBS may need rethink

    RBS has postponed the sale of its £141m Antares 2015-1 CMBS, which was being publically marketed last month. When the deal might return to the market is unknown, but it may look significantly different when it does so.

    No official reason was given for the postponement, but Bank of America Merrill Lynch analysts believe that pricing levels were significant. Instead .......

    News 13 May 2015

  • Liquidations hit GG9

    May remittance indicates that the GCCFC 2007-GG9 CMBS received a wave of cashflows and realised losses, after eight loans were liquidated and another prepaid with yield maintenance. One of the liquidated loans was the Schron Industrial Portfolio, which incurred a full B-note loss.

    The Schron Industrial Portfolio was paid off early. The US$220m A-note received its principal back in full, .......

    News Round-up 13 May 2015

  • Euro secondary liquidity on the rise

    European securitisation secondary market liquidity is continuing its rise this week.

    "There's more activity this week than last overall," says one trader. "With more and more trades getting done off-BWIC."

    While market tone remains broadly positive, some areas are softer than others. "There is some weakness in peripherals," notes the trader. "That's particularly true in Portuguese names, where, for example, .......

    SCIWire 13 May 2015

  • CMBS warehousing times eyed

    The average time taken from origination for US CMBS loans to be placed in conduit deals appears to be lengthening. The trend is somewhat surprising, given that the pace of maturities in 2015 should allow originators to issue deals faster and reduce the time the loans spend on their books.

    The balance-weighted average days for loans to originate has risen .......

    News 12 May 2015

  • Law firm taps CMBS vet

    Ropes & Gray has appointed Partha Pal to its finance group. He will focus on structured finance transactions and related restructurings, regulation and dispute resolution, with particular emphasis on matters that involve CRE assets with real estate lending and CMBS transactions.

    Prior to joining Ropes & Gray, Pal was a partner at Chadbourne & Parke. He has also held roles .......

    Job Swaps 12 May 2015

  • Euro ABS/MBS holds steady

    European ABS/MBS secondary spreads are holding steady despite broader market weakness.

    As expected, volumes on- and off-BWIC picked up yesterday and look set to continue to do so today. Market tone is improving and secondary spreads are holding steady initially unfazed this morning by the overnight sell-off in rates.

    The focus of activity still surrounds autos, UK non-conforming and UK .......

    SCIWire 12 May 2015

  • Hotel price growth outperforms

    Hotel price growth has surged by 33% in the last 12 months to within 1% of its 2007 pre-crisis peak, observes Moody's. The surge in prices is nearly double that of the apartment, retail, industrial and office sectors.

    "Although hotels are not among the sectors that comprise the Moody's/RCA Commercial Property Price Indices national all-property composite index, their price growth .......

    News Round-up 11 May 2015

  • CRE bridge lender launched

    Sutherland Asset Management has launched Ready Capital Structured Finance (RCS), a commercial bridge lending division. The new division will attempt to strengthen Sutherland's existing nationwide direct commercial lending platform by providing non-recourse, bridge and mezzanine CRE debt financing to its clients.

    RCS will originate, manage and finance non-recourse floating and fixed rate loans of up to five years on transitional, value-add .......

    Job Swaps 11 May 2015

  • CMBS delinquencies fall again

    The US CMBS delinquency rate fell again last month, fuelled by strong new issuance led by hotels, according to Fitch's latest index results for the sector. Loan delinquencies fell 6bp in April to 4.67% from 4.73% a month earlier, while the dollar balance of late-pays fell just slightly to US$17.75bn from US$17.80bn in March.

    Fitch says the delinquency drop was mostly due .......

    News Round-up 11 May 2015

  • Loss severities drop dramatically

    Trepp says that US CMBS loss severity came in at 18.14% during April, which is 26 percentage points below the 44.17% 12-month average. In total, monthly severity reduced by 18%, as 16 loans and 61% of the monthly disposed balance liquidated with less than 2% loss.

    The US$375m Belnord loan, backed by a large multifamily property in Manhattan, along with the US$115.8m 1818 .......

    News Round-up 11 May 2015

  • Slow return for European secondary

    European securitisation secondary markets look set to return to life this week, but progress is slow.

    Wider market positivity on the back of the UK election and US non-farm payrolls has improved the tone in European ABS/MBS secondary markets. However, spreads remain broadly unchanged for now as activity is only slowly picking up again.

    Many buy-side participants are still sitting .......

    SCIWire 11 May 2015

  • Sharp increase in CMBS pay-offs

    Trepp reports that the percentage of US CMBS loans paying off on their balloon date increased sharply in April. The latest reading of 80% is more than 15 points above the March rate, resulting in the highest reading since the 81.3% pay-off total in November 2013. The April rate of 80% is also well above the 12-month moving average of .......

    News Round-up 8 May 2015

  • Idiosyncratic risk?

    US CMBS 2.0/3.0 loan troubles scrutinised

    The US$96.4m Ty Warner Hotels & Resorts Portfolio loan, securitised in MSC 2012-C4, has become the latest high-profile CMBS 2.0/3.0 loan to face difficulties (SCI 6 May). Such instances are being portrayed as idiosyncratic in nature (SCI 27 April), but they could herald a broader trend towards defaults.

    Excluding the Ty Warner loan, Morgan Stanley CMBS strategists calculate that a .......

    News Analysis 8 May 2015

  • Euro ABS/MBS stays stable

    In the face of heightened broader credit market volatility yesterday the European ABS/MBS secondary market remained relatively stable with spreads unchanged to slightly softer.

    However, volumes remained low with many investors opting to wait it out for now. Consequently, BWICs saw an increase in DNTs and bid-offers continued the week's widening trend. Little is expected to change today with sentiment .......

    SCIWire 8 May 2015
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