CMBS

  • NPL data templates introduced

    Sector developments and company hires

    NPL data templates introduced
    The EBA has launched NPL transaction data templates, aimed at introducing information standardisation to increase the efficiency of secondary markets for non-performing loans and to reduce entry barriers for smaller banks and investors. The proposed NPL transaction data templates are built on previous voluntary loan-by-loan templates and consider the experience of market participants from the sell- .......

    Market Moves 19 December 2022

  • Survey suggests improved sentiment

    Sector developments and company hires

    Survey suggests improved sentiment
    KBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive picture than the rating agency’s previous investor survey from June.

    “While many challenges remain for the European securitisation sector, sentiment for the market .......

    Market Moves 9 December 2022

  • Eco warriors

    New emissions standards backed by fines set to affect CMBS

    Increasingly rigorous emission regulations imposed by municipalities on commercial real estate (CRE) properties throughout the USA will likely lead to cash flow difficulties for CMBS deals, say analysts.

    Some 30 cities are bringing in much higher standards for CRE emissions, five of which will impose fines if the standards are not met.

    San Francisco’s Environment Code 30, for example, requires all large commercial .......

    News Analysis 9 December 2022

  • Sell-side specialisms

    SRT bank relationships, technical knowledge transferred

    SRT arranger/structurer departures from Citi have been notable over the last year, with Olivier Renault (SCI 1 December 2021), Mark Kruzel (SCI 11 May) and Alexis De Vrieze (SCI 8 September) all moving to the buy-side, for example. Capital relief trade sell-siders bring specialisms – including technical knowledge and bank relationships – that can be particularly .......

    News 24 November 2022

  • Irish, UK NPE disposals inked

    Sector developments and company hires

    Irish, UK NPE disposals inked

     

    The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......

    Market Moves 9 November 2022

  • Call for Och 'feud' to end

    Sector developments and company hires

    Call for Och ‘feud’ to end
    Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......

    Market Moves 3 November 2022

  • Stress-testing resilience

    Climate-change risk assessment approach debuts

    Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is to help gauge the resilience of a transaction to transition and physical risks.

    “We have introduced a quantitative and scenario-based stress-testing approach to assessing climate change impacts on the credit risk of securitisation transactions. The climate-change scenarios identified offer a range of outcomes for .......

    News 2 November 2022

  • Chinese CMBS 'structural deficiencies' eyed

    Sector developments and company hires

    Chinese CMBS ‘structural deficiencies’ eyed
    The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......

    Market Moves 31 October 2022

  • Apollo, PIMCO set to acquire Credit Suisse SPG

    Sector developments and company hires

    Apollo, PIMCO set to acquire Credit Suisse SPG
    Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.

    Over the next three years, Credit .......

    Market Moves 28 October 2022

  • CMBS hedging agreements eyed

    Sector developments and company hires

    CMBS hedging agreements eyed
    DBRS Morningstar has raised concerns that the current DSCRs of three European CMBS it rates - Sage AR Funding No 1, Sage AR Funding 2021 and Taurus 2021-4UK - will be insufficient to enable the borrowers to use excess cash to purchase new interest rate cap agreements, without cash injections from the sponsors, as the respective .......

    Market Moves 25 October 2022

  • Conservative approach

    Aeon Investments ceo Oumar Diallo and coo Ben Churchill answer SCI's questions

    Q: Aeon recently announced the closing of its first commercial real estate CLO warehouse (SCI 12 October) with Credit Suisse. Could you provide some background to the decision to become a CRE CLO issuer?
    OD: We’re active across the real estate spectrum and seek relative value opportunities in the UK and Europe.

    The European CRE CLO market has .......

    The Structured Credit Interview 21 October 2022

  • Regional bank CRT pipeline builds

    New SCI Global Risk Transfer Report published

    A couple more US regional bank capital relief trades are in the pipeline for late 2022 or early 2023, according to SCI’s new Global Risk Transfer Report. In terms of reference pools, a current area of focus is relatively high-quality assets that have a good credit story and are available in some depth.

    “I can think of .......

    News 12 October 2022

  • Keeping it competitive

    Greystone's Jenna Unell, senior md in special servicing, and...

    Q: Greystone recently purchased its first primary B-piece in a US$1.09bn conduit CMBS. What makes now the right time to enter this market?
    RR: We purchased what was C-III Asset Management at the end of 2019, just before the pandemic, and we are working towards growing that business - which was special servicing. The best way to grow that business .......

    The Structured Credit Interview 11 October 2022

  • SCI In Conversation podcast is now live!

    We discuss the hottest topics in securitisation today...

    In this inaugural episode of the SCI In Conversation podcast, Angela Sharda chats to KBRA European research head Gordon Kerr about a European securitisation investor survey the rating agency undertook in June and the implications of the findings today. We also discuss a couple of new SCI Premium Content articles, one of which tracks the evolution of the STS synthetic .......

    News 30 September 2022

  • Split opinion

    Recession considerations discussed

    The jury is still out on the likely impact of next year’s forecast recession on the securitisation market. However, panellists at S&P’s European Securitisation Conference earlier this month did concur that the situation is likely to get worse for the sector before it gets better.

    While the forecast for the European securitisation market appears somewhat bleak, the majority .......

    News Analysis 27 September 2022

  • Adapting to change

    Adam Zausmer, chief credit officer at Ready Capital, answers SCI's questions

    Q: Ready Capital and Starz Real Estate recently formed a joint venture to originate around €300m of new commercial real estate loans over the next two years (SCI 21 July). What prompted the move? What is currently exciting to you in European CRE?
    A: It was a great opportunity to further expand and diversify Ready Capital’s international lending business. .......

    The Structured Credit Interview 26 September 2022

  • Dignity Finance restructuring mooted

    Sector developments and company hires

    Dignity Finance restructuring mooted

    UK funeral provider Dignity has launched a consent solicitation with noteholders of its whole business securitisation, Dignity Finance, in relation to a deleveraging proposal. Following the award of a temporary covenant waiver by the class A noteholders, the company has continued to work on a long-term solution to improve the group's capital structure.

    As part of implementing this .......

    Market Moves 16 September 2022

  • Branching out

    Thomas Majewski, managing partner and founder of Eagle Point...

    Q: Eagle Point recently announced its expansion into the ABS, MBS and SRT markets, which will be led by Karan Chabba as head of ABS, MBS, SRT and speciality finance (SCI 19 July). What were the motivations behind branching out into these markets?
    A: In terms of relative interest, the order we are looking at these is SRT, ABS .......

    The Structured Credit Interview 15 September 2022

  • CMBS sickness

    Rising rates imperil issuance and refinancing

    CMBS issuance is expected to be down for the foreseeable future due to higher rates, wider spreads and difficulties with refinancing, according to a new report from Moody's.

    There have been only three multi borrower conduit deals this quarter, with perhaps another one or two expected before the end of 3Q. There were 33 deals in 2021 for a total dollar value .......

    News 14 September 2022

  • Controversial Revlon decision reversed

    Sector developments and company hires

    Controversial Revlon decision reversed
    The US Circuit Court for the Second Circuit last week reversed the controversial decision by the District Court for the Southern District of New York (SDNY) that permitted lenders to retain the mistaken payment made by Citi as administrative agent for a credit agreement with Revlon (SCI 20 August 2020). The SDNY decision upended decades .......

    Market Moves 14 September 2022

  • SME funding partnership inked

    Sector developments and company hires

    SME funding partnership inked
    SME Capital and JPMorgan have agreed a new funding partnership dedicated to supporting UK SMEs. The collaboration entails JPMorgan extending a significant line of committed capital for SME cashflow lending over the next three years.

    The partnership forms the second phase in the development of SME Capital’s warehousing programme - the first phase being the .......

    Market Moves 2 September 2022
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