CMBS

  • Credit analyst moves on

    Guillaume Langellier has joined Friends Life as ABS credit analyst. He is responsible for buy-side credit research on consumer ABS, RMBS, CMBS and WBS.

    Langellier was most recently at Aviva Investors where he was also a credit analyst. Prior to that he worked at Fitch as head of WBS and he has also held posts at Lazard, UBS Warburg and .......

    Job Swaps 15 May 2012

  • Lakeside Mall on watchlist

    Morningstar has added the US$168m Lakeside Mall to its watchlist for a decline in occupancy. The senior debt is pari passu across two CMBS transactions - COMM 2005-LP5 and GE Commercial Mortgage Corporation 2005-C1.

    Lakeside Mall is secured by 643,375sf of a 1,478,375sf regional mall in Sterling Heights, Michigan. All of the anchors own their stores and pad sites, except .......

    News Round-up 15 May 2012

  • New arrival to co-head CRE debt platform

    TriLyn has set up an investment management platform focused on high yield CRE debt. TriLyn Investment Management will be co-managed by TriLyn founder Mark Antoncic and John Feeney, who joins from Brookfield Investment Management.

    Feeney has 30 years of industry experience, including managing commercial and residential real estate securities as well as various fixed income portfolios. He held several different .......

    Job Swaps 14 May 2012

  • Commercial REO impact analysed

    Fitch says it believes the recent increases in commercial REO assets are significant enough to bring down the CMBS delinquency rate. The agency expects the rate to vary by about 25bp in both directions in 2012, with the current REO inventory putting downward pressure on the delinquency rate as it is liquidated.

    In April, REO assets exceeded US$11bn in scheduled .......

    News Round-up 14 May 2012

  • CMBS late-pays inch higher

    US CMBS delinquencies rose for the second straight month while the volume of REO assets continued to climb, according to Fitch's latest index results for the sector.

    Late-pays rose by 10bp in April to 8.53% from 8.43% in March. This was largely expected, with five-year loans originated in 2007 now starting to come due, the agency notes.

    Another notable trend is .......

    News Round-up 11 May 2012

  • CMBS loan events updated

    19 new loan events have been added to the SCI CMBS loan events database. These include:

    09/05/2012
    Deal: TITN 2006-CT1
    Property: Woolgate Exchange
    Balance: £233.92m
    Event: updated market value of £265m, as of 21 March
    Description: special servicer requesting further updated valuation, as restructuring of tenant expected to have impact on value

    04/05/2012
    Deal: TITN 2006-2
    Event: independent review suggests liquidity facility EOD is not outstanding, thus issuer .......

    News Round-up 11 May 2012

  • Cheyne UCITS funds minted

    Cheyne Capital Management has launched two UCITS IV-compliant funds - the Cheyne Global Credit Fund and the Cheyne European Real Estate Bond Fund. The UCITS funds have been launched in response to investor demand and their investment portfolios are based on those of two existing flagship Cheyne strategies.

    Both funds offer weekly liquidity. The Cheyne Global Credit Fund is actively .......

    News Round-up 11 May 2012

  • DPO claw-back provisions eyed

    Concerns over CMBS borrowers potentially withholding information from the special servicer during DPO negotiations have emerged. Special servicers appear to be addressing these concerns by introducing claw-back provisions, according to CMBS analysts at Citi.

    They explain that such provisions are typically heavily negotiated, with the terms ranging from 12 to 24 months. "It appears that the real intent of these .......

    News Round-up 10 May 2012

  • CMBS loan pay-offs tick up

    The percentage of US CMBS loans paying off on their balloon date reverted to the 12-month average, according to Trepp's April pay-off report. This uptick comes one month after the reading hit its second lowest level in 12 months.

    In April, 42.2% of loans reaching their balloon date paid off, which is just under the 12-month average of 44%. By .......

    News Round-up 10 May 2012

  • BWIC service launched

    SCI has today launched a BWIC service covering auctions in Europe and the US for the four main structured finance asset classes - ABS, CDOs/CLOs, CMBS and RMBS.

    The platform has been updated on a daily basis with BWIC prices/covers representing a range of collateral since 1 May. It already includes nearly 500 prices and the SCI site now has .......

    News 10 May 2012

  • Real estate partner joins

    David Stewart has joined Mayer Brown as real estate partner. Stewart specialises in CMBS, particularly the purchase of B-pieces. He joins from Latham & Watkins and will be based in New York.

    .......

    Job Swaps 9 May 2012

  • CRE CDO on the block

    The trustee for Dillon Read CMBS CDO 2006-1 has posted a notice advising that the transaction is to be liquidated via a public auction. An EOD occurred in September 2010 and, pursuant to Section 5.2(a) of the indenture, the majority holders of the controlling class can declare the principal of the notes to be immediately due.

    According to CRE debt .......

    News Round-up 9 May 2012

  • CMBS loss severities revert to mean

    After two months in which CMBS loss severities fell sharply, the numbers reverted to the mean in April - both in terms of loss severity and volume of loans resolved - according to Trepp. At US$1.4bn, liquidations were about 9% higher than the 12-month moving average of US$1.31bn per month.

    In comparison to liquidations in February and March, this number .......

    News Round-up 9 May 2012

  • Pricing service rolled out

    RiskSpan has added daily independent pricing for structured securities to its offering of risk management services. The new service incorporates constant calibration utilising an audit-compliant process to generate pricing for structured securities. It covers RMBS, CMBS, ABS, agency pass-throughs, agency CMOs, mortgage whole loans, CDOs and Trust Preferred securities.

    .......

    News Round-up 8 May 2012

  • Business development md joins

    Jenine Fitter has joined Clayton Holdings as business development senior md. She will be responsible for sales and business development initiatives across all of Clayton's offerings, including credit risk management, due diligence, consulting and special servicing.

    Fitter joins from Digital Risk where she was mortgage solution sales svp. She has also held senior sales roles at CoreLogic, S&P and Fitch .......

    Job Swaps 8 May 2012

  • Pass-through MBS heads hired

    Michael Marsallo and Mark Schultz have joined Daiwa Capital Markets America's MBS group. Together they will lead Daiwa's mortgage-backed pass-through desk.

    Marsallo and Schultz join from MF Global, where they also shared responsibility for pass-through trading. Marsallo worked at UBS before MF Global and Schultz has previously worked at Countrywide Capital Markets and Yamaichi.

    .......

    Job Swaps 8 May 2012

  • CMBS loan events updated

    45 new loan events have been added to the SCI CMBS loan events database. These include:

    03/05/2012
    Deal: REC 5
    Property: Plantation Place
    Event: property sold to Moise Safra for £500m & debt assumed; part of proceeds used to cure LTV EOD
    Description: increased likelihood of loan paying off at maturity next summer

    02/05/2012
    Deal: TITN 2007-CT1
    Property: Hugo
    Balance: €180.5m
    Event: updated market value of .......

    News Round-up 4 May 2012

  • Euro BWICs post record volumes

    The 'risk-on' rally in the European securitisation market sparked record bid-list activity in 1Q12. At €4.1bn, BWIC supply during the quarter was almost twice that seen in 1Q11, according to Citi estimates.

    Bad banks and other 'wind-down' portfolios were active sellers of securitised assets in the first quarter. The increase in BWIC supply was easily absorbed by the market, however, .......

    News 4 May 2012

  • Good week for Euro CMBS

    This week has seen a rise in activity in European CMBS. Spreads have stayed fairly flat, while BWICs are still being well received, with seniors generating increasing interest.

    "The market has been fairly quiet for a while and this week has not been a complete change, but there has been a bit more buying activity from clients," reports one trader. .......

    Market Reports 4 May 2012

  • Plantation Place assumed

    The Plantation Place building, securing the REC 5 single-asset CMBS, has been acquired by Moise Safra. The sale and subsequent assumption of the debt highlights the strong recovery for institutional quality assets in global capitals, according to CRE debt analysts at Deutsche Bank.

    The property purchase price of £500m is roughly 10% higher than the MR appraised value from 3Q10 .......

    News Round-up 3 May 2012

  • Call for servicing disclosure

    Kroll Bond Rating Agency (KBRA) has offered its views on special servicer conflicts of interest (see also SCI 12 March), suggesting that investor unease in this area could largely be resolved through better disclosure and transparency through industry-wide standardised reporting. Consequently, the agency says it is supportive of efforts by the Commercial Real Estate Finance Council to expedite enhancements to .......

    News Round-up 3 May 2012
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