CMBS

  • New partnership

    Sector developments and company hires

    Morningstar has announced the enhancement of its DealView product with the inclusion of climate risk data through partnership with property climate risk data provider, ClimateCheck. The firm’s subsidiary, Morningstar Credit Information and Analytics, will incorporate the new feature alongside its existing in-depth commercial real estate analytics to enhance existing efforts to inform investors on natural risk factors in their CMBS transactions. .......

    Market Moves 11 January 2022

  • New moves

    Sector developments and company hires

    EMEA

    Ashurst is set to further expand its European securitisation team with the appointment of new global capital markets partner, Agathe Motte. Motte will join the law firm in Paris from Linklaters, where she advised French and European banks, corporates, and funds on structured finance deals. She brings extensive experience in both domestic and multijurisdictional securitisation transactions, in a variety .......

    Market Moves 10 January 2022

  • Decision notice issued against BlueCrest

    Sector developments and company hires

    Decision notice issued against BlueCrest
    The UK FCA has published a decision notice against BlueCrest Capital Management (UK) (BCMUK) setting out its decision to impose a financial penalty of £40.81m on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal, which will determine the appropriate action, if any, for the FCA to take.

    The .......

    Market Moves 24 December 2021

  • On the rebound

    Pandemic-driven CMBS bifurcation to persist

    European CMBS issuance is expected to continue rebounding in 2022, on the back of strong volumes of nearly €6bn this year. However, collateral composition of new transactions, as well as the performance of existing deals will likely reflect the pandemic-driven bifurcation of the commercial real estate markets.

    “CMBS will be an area that will be increasingly busy over .......

    News Analysis 23 December 2021

  • From strength to strength

    Landmark year for Aussie securitisation

    With A$48.79bn publicly placed across 64 individual transactions in 2021, the Australian securitisation market has reached a post-financial crisis issuance high. Record volumes, combined with the entrance of a series of new issuers and programmes - in a market driven by the non-bank sector - all point to continued growth.

    “Perhaps the most interesting aspect, or at least .......

    News Analysis 23 December 2021

  • Turning tides

    WeWork CMBS winners, losers highlighted

    WeWork is set for a “strong comeback” this year, according to a new Morningstar Credit Information & Analytics (MCIA) report that analyses the company’s post-pandemic performance and its impact on the US CMBS market. The study assessed seven properties – four ‘losers’ that lost WeWork as a tenant at the start of 2021 and three ‘winners’, where WeWork may .......

    News 22 December 2021

  • Nephila taps LBR vehicle

    Sector developments and company hires

    Nephila taps LBR vehicle
    Nephila Capital has funded its newly launched Syndicate 2358, which focuses on short- to medium-term insurance business lines, with capital provided through Lloyd’s London Bridge Risk PCC vehicle. The transaction provides reinsurance capital from a diverse group of investors, including four pension funds, to support underwriting beginning with the 2022 Year of Account.

    Nephila has .......

    Market Moves 21 December 2021

  • Spanish private debt fund wins EIF backing

    Sector developments and company hires

    Spanish private debt fund wins EIF backing
    Beka Finance has formed a private debt management unit, dubbed Beka Credit, which it hopes will help consolidate the firm’s growth and leadership position in the alternatives market. The unit is already preparing to launch its first private debt fund, with which it expects to raise around €250m.

    The Luxembourg-based vehicle will .......

    Market Moves 17 December 2021

  • UK review released

    HMT 'broadly supportive' of securitisation market

    The UK government has published its report on the review of the securitisation regulation (SCI 28 June), which outlines specific areas of the regime that HM Treasury may revisit to ensure it “best delivers” for the UK securitisation market. The report appears to be broadly supportive of the industry - although notably isn’t supportive of extending the public .......

    News 14 December 2021

  • Year-end?

    European ABS/MBS market update

    With primary European ABS/MBS market activity fading further away, year-end feels awfully close. As a result, focus is already being directed on the upcoming new year.

    “I think it is fair to say that we have hardly looked at any potential trades this week,” says one European ABS/MBS trader. “As is appropriate for this time of year, there .......

    News 10 December 2021

  • Climate risk analytics firms acquired

    Sector developments and company hires

    Climate risk analytics firms acquired
    Intercontinental Exchange has acquired risQ and Level 11 Analytics, which deploy data-driven technologies for managing climate change risk. RisQ and Level 11 Analytics leverage a variety of advanced geospatial mapping systems and provide extensive expertise in analysing and joining vast amounts of disparate public, corporate and third-party data sources.

    This data is integrated and .......

    Market Moves 9 December 2021

  • Starz gazing

    Euro CRE CLOs tipped for take-off

    Starz Realty Capital’s Starz Mortgage Securities 2021-1 transaction was notable for being a first-of-its-kind European dual-currency CRE CLO (SCI 1 October). A handful of further such deals are expected next year, given the need for a funding tool for funds active in the CRE lending space.

    “I expect a handful of transactions next year – at least .......

    News Analysis 9 December 2021

  • Growth constraints

    Disconnect between Euro ABS ambitions and reality?

    European securitisation issuance for the first 11 months of the year stood at a decade high of over €112bn, up by more than 65% compared with the same period in 2020, according to S&P figures. However, despite such record growth, a disconnect appears to remain between the industry’s ambitions and what is being seen on the ground - which .......

    News Analysis 9 December 2021

  • Flowers among weeds

    CMBS yields value to canny buyers despite distress

    In the first of a series of interviews with SCI, investment managers discuss where they have seen most value recently and where they expect to see it in 2022.

    Despite - or because of  - the continued uncertainties that beset many areas of the CMBS market, this is the sector of the structured finance marker that currently offers the best returns to .......

    Talking Point 8 December 2021

  • Extendable CRE loans scrutinised

    Sector developments and company hires

    Extendable CRE loans scrutinised
    Fitch has published an unsolicited comment on highly extendable commercial mortgage loans that offer borrowers up to 20 years of successive annual extension options, as featured in the recent Sage AR Funding 2021 and HAUS (ELOC 39) CMBS. The agency notes that it does not treat this loan feature as credit enhancing because interest rate risk .......

    Market Moves 8 December 2021

  • Positive prospects?

    CRE tops Stage Two allocations

    Commercial real estate loans were allocated the largest share of Stage Two classifications, according to the latest EBA data. This coincides with an overall growth in Stage Two allocations following the coronavirus crisis, as well as a boost in significant risk transfer transactions backed by Stage Two exposures and commercial real estate.

    According to the EBA’s latest risk .......

    News 8 December 2021

  • ESG data coverage scrutinised

    Sector developments and company hires

    The European Leveraged Finance Association (ELFA) has analysed coverage by three ESG data vendors for three debt indices - the CS Western European Leveraged Loan Index, the ICE BofAML Developed Markets High Yield Constrained Index and the BBG Global Aggregate Corporate Index – and found what it describes as “major discrepancies” in data coverage across asset classes. The research shows .......

    Market Moves 7 December 2021

  • Covid-19: Lessons for the CMBS market

    Iona Misheva, partner at Allen & Overy, explores the lessons that the pandemic provided for the European CMBS market

    Issuance has been at consistently high levels this year.  This has shown that the asset class recovered quickly from the temporary forces of the pandemic, which resulted in very few deals coming to market in 2020.  In contrast, 2021 has seen near record levels of .......

    Talking Point 6 December 2021

  • Winding down

    European ABS/MBS market update

    The European ABS/MBS primary market appears to have begun winding down for year-end this week. With softening prices, macroeconomic concerns and the upcoming festive season, it seems that participants are already looking ahead to 2022.

    “For me the year is already over,” says one ABS/MBS trader. “Most issuers have already come to market and the ABS market is .......

    News 3 December 2021

  • ESG countdown

    ECB climate stress tests pending

    The ECB’s pending climate stress tests are expected to offer some answers around the data and modelling challenges pertaining to the analysis of climate risks. Indeed, the stress tests could also prove definitive for ESG significant risk transfer issuance, given the presence of the same data challenges.

    The two main challenges pertaining to the analysis of climate risks are data .......

    News Analysis 3 December 2021

  • Bosphorus CLOs transferred

    Sector developments and company hires

    Bosphorus CLOs transferred

    Cross Ocean Adviser, an affiliate of Cross Ocean Partners Management, has assumed collateral management of the Bosphorus CLO IV, Bosphorus CLO V and Bosphorus CLO VI transactions from Commerzbank. Moody's has confirmed that the move will not impact its current ratings assigned to the affected notes. Under the terms of the associated novation, termination and amendment and .......

    Market Moves 2 December 2021
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