CMBS

  • US CMBS market rallies

    The US CMBS market rallied yesterday as spreads tightened. Trepp reports that secondary volumes reached the highest level of the week, at about US$300m, as banks took down large blocks of CMBS 2.0 and 3.0 bonds.

    "Legacy super seniors and new issue triple-As were a basis point or two tighter for the most part. The GSMS 2007-GG10 A4 bond was .......

    Market Reports 6 June 2014

  • First-quarter loss severities examined

    The weighted average loss severity for US CMBS loans liquidated at a loss rose marginally in 1Q14, increasing to 41.9% from 41.5% quarter-over-quarter, according to Moody's. From 1 April 2013 to 31 March 2014, US$16.2bn of CMBS loans liquidated, approximately the same as in the prior 12-month period.

    Two liquidations with high dollar losses occurred during the quarter. The Two .......

    News Round-up 6 June 2014

  • CMBX losses projected

    KBRA has released its inaugural research publication on vintage US CMBS deals, leveraging data and information from its new KBRA Credit Profile (KCP) surveillance service (SCI 12 May). The latest report highlights the agency's projected losses on CMBX Series 1 through 5.

    KCP reports feature property valuations under concluded, conservative and optimistic scenarios. The concluded scenario is what KBRA analysts .......

    News Round-up 6 June 2014

  • Stuy Town foreclosure to be contested?

    CWCapital has reportedly taken formal ownership of Stuyvesant Town-Peter Cooper Village via a deed-in-lieu of foreclosure. The move is said to have prevented another party from seizing control of the asset by exercising its right to buy a key loan on the property.

    As a result, CWCapital paid US$117m in taxes to the city of New York and US$19.8m to .......

    News Round-up 6 June 2014

  • Further CMBS content added

    Trepp is going to make integrated content and analysis from Morningstar Credit Ratings available to clients. Authorised clients will be able to access Morningstar's monthly DealView surveillance analysis covering CMBS transactions through Trepp.com and TreppTrade, while all Trepp clients will also have access to Morningstar's CMBS presale analysis for new issues.

    The move builds on a previous relationship between the .......

    Job Swaps 5 June 2014

  • Data partnership to boost transparency

    The European DataWarehouse (ED) and 1010data have signed a partnership agreement under which the ED will make its data available on the 1010data platform. This will include over 30 million loans in 800 RMBS, CMBS, auto, consumer finance, leasing and credit card ABS deals.

    The partnership will help to distribute loan-level data more quickly and easily to investors, with 1010data's .......

    Job Swaps 5 June 2014

  • Servicer replacement request queried

    Hatfield Philips International (HPI) has outlined its credentials and performance as servicer and special servicer on the Windermere X CMBS portfolio. The move appears to be in response to efforts by the controlling class representative (Brookland Partners) to replace HPI with Mount Street Loan Solutions as special servicer of the Bridge, Built, Lightning Dutch and Tresforte loans (see also SCI's .......

    News Round-up 4 June 2014

  • CMBS surveillance product added

    Trepp is set to integrate Kroll Bond Rating Agency's new CMBS surveillance product KBRA Credit Profile (KCP) with its own product suite. The KCP reports provide valuations and losses for the collateral securing credit-impaired loans.

    Authorised Trepp clients will be able to access the KCP reports, enabling forecasting of both the probability of default and resolution timing. The reports will also .......

    Job Swaps 4 June 2014

  • Euro CMBS coming alive?

    The European CMBS secondary market has been subdued recently, although BWICs have been announced for both today and tomorrow. There is also speculation that primary market issuance could increase.

    "Suddenly a couple of decent BWICs have been announced in quick succession, so that should inject some life into the secondary market. The fact that they were announced so close together .......

    Market Reports 4 June 2014

  • CMBS loss projections forecast

    S&P has published its expected loss projections for US and Canadian conduit/fusion and single-borrower/large-loan CMBS transactions that it rates. The report addresses losses by transaction, vintage, property type and metropolitan statistical area.

    "Our estimates of projected losses focus on our observed performance for US and Canadian CMBS transactions over time," comments S&P credit analyst Barbara Hoeltz. "They incorporate up-to-date performance .......

    News Round-up 4 June 2014

  • Single-borrower execution broadening

    Single-borrower US CMBS issuance has picked up in recent months, after a slow start to the year. Barclays Capital CMBS analysts suggest that the funding advantage enjoyed by banks and insurers has lessened due to the sharp rally in rates, resulting in more borrowers opting for CMBS execution.

    Hotel properties dominated single-borrower CMBS issuance over the past 6-9 months, as .......

    News Round-up 4 June 2014

  • CMBS surveillance shared

    Morningstar Credit Ratings has made its CMBS DealViewSM surveillance reports available to investors, analysts and traders via its website. The reports are updated monthly and include a comprehensive credit review, in-depth loan and property analysis, applicable letter ratings and rating outlooks for CMBS transactions. Its ratings and surveillance process involves detailed loan- and property-level analyses, a review of operating cashflow, .......

    News Round-up 3 June 2014

  • CMBS delinquencies 'idiosyncratic'

    An increasing number of US CMBS 2.0 and 3.0 loans have begun to enter special servicing or show initial signs of distress. Since the beginning of the year, 14 loans - with US$164m in outstanding balance - have moved into special servicing or delinquency, although this seems to reflect idiosyncratic issues rather than sector-level weakening.

    Barclays Capital analysts note that .......

    News 3 June 2014

  • SFR snapshot debuts

    Kroll Bond Rating Agency has published the inaugural issue of its Single-Family Rental Performance Snapshot, which aims to provide the market with a timely synopsis of the performance of securitised transactions in this emerging asset class. The move is part of an effort to provide more transparency around the performance of SFR transactions.

    This first report highlights the Invitation Homes .......

    News Round-up 2 June 2014

  • CMBS delinquency improvements continue

    The Trepp US CMBS delinquency rate improved for the twelfth consecutive month in May, with a 17bp decline. It now stands at 6.27%, 280bp lower than the May 2013 rate. The delinquency rate has fallen by 407bp since the all-time high of 10.34% in July 2012.

    Loan resolutions totalled over US$1bn in May, up from about US$850m in April. Removing .......

    News Round-up 30 May 2014

  • Euro ABS policy options outlined

    The Bank of England and the ECB have published their joint discussion paper on the revitalisation of European securitisation, building on the report published last month (SCI 14 April). The paper discusses the reasons for the shortcomings and the opportunities for improvement of the ABS market, and is designed to stimulate discussion among stakeholders on the impediments identified and the .......

    News Round-up 30 May 2014

  • CMBS liquidations, loss severity up

    US CMBS liquidated loan volume reached US$1.02bn in May, up from US$844.16m the previous month, according to Trepp. Of the loans that were liquidated, 84% by balance fell into the greater than 2% loss severity category.

    Loss severity registered 48.94% in May, up by nine percentage points from April's 39.77% and just above the 12-month moving average of 47.62%. The .......

    News Round-up 29 May 2014

  • BPO assessments examined

    Moody's notes in its latest ResiLandscape publication that broker price opinions (BPOs) can provide fair assessments of home values for single-family rental (SFR) securitisations, if BPO providers follow detailed and thorough processes and procedures. An analysis undertaken by the agency of data from two BPO providers showed that, on average and in the current environment, BPO values approximated the eventual .......

    News Round-up 28 May 2014

  • APAC positive rating actions continue

    Fitch says that over 99% of Asia-Pacific structured finance (SF) tranches maintained their ratings, were upgraded or paid in full (PIF) last year, compared with the 95% reported in 2012. The ratio of ratings maintained, upgraded and PIF in 2013 was higher than the average over 1998-2013 for all rating categories.

    Asia-Pacific SF upgrades outnumbered downgrades by a ratio of .......

    News Round-up 28 May 2014

  • Pre-crisis losses decline

    The turnaround of the US housing market has led to a sizeable decline in pre-crisis global securitisation losses, Fitch reports. At the same time, loss expectations for pre-crisis EMEA securitisations have remained constant.

    Total losses on US bonds issued between 2000 and 2008 fell to 5% from the 5.4% recorded in Fitch's study last year. Total losses include both realised .......

    News Round-up 28 May 2014

  • Further CMBS auctions listed

    A further 64 properties backed by US$403m in US CMBS loans have been added to the Auction.com sales listed for June (see also SCI's CMBS loan events database). A large portion of these loans are from a few deals on which CWCapital is the special servicer, according to Barclays Capital CMBS analysts.

    They note that the largest deal .......

    News Round-up 27 May 2014
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