CMBS

  • Fitch updates on CRE CDOs and large loan CMBS

    Fitch Ratings has released an updated criteria report for the surveillance of US CRE CDOs and CMBS large loan floating-rate transactions.

    Fitch explains that while no material changes have been made to the core of the criteria, the recognised maturity default percent has been increased for the single-B and double-B rating stresses; and Libor stresses have been updated to be ......

    News Round-up 1 December 2011

  • US CMBS delinquency rate retreats

    After two consecutive months of weak delinquency reports featuring increases that left the rate at its second highest point ever, the CMBS delinquency rate dropped sharply in November, according to Trepp's latest delinquency report. Overall in November, the delinquency rate for US CRE loans in CMBS fell by 26bp to 9.51%.

    This was the second biggest drop in 2011, surpassed .......

    News Round-up 1 December 2011

  • CMBS loan extension prevalence highlighted

    Fitch says in its latest European CMBS Loan Maturity Bulletin that continued restrictions on new bank funding mean that the majority of loans are still failing to repay at maturity. The Fitch Repayment Index remains low at 38.9%, though this represents a slight improvement from 37.2% in the previous month due to five loans repaying in full.

    Full repayments during .......

    News Round-up 1 December 2011

  • Stable outlook for Euro SF

    Fitch is maintaining its overall stable outlook for European structured finance transactions, despite the weakening macroeconomic backdrop and the negative effects that this could have on the performance of some of the underlying asset markets.

    Current ratings already reflect the agency's expectation of further deterioration across most markets and asset classes. The structural protection available to the notes, alongside the .......

    News Round-up 1 December 2011

  • Court ruling boosts Centro CMBS

    The New South Wales Supreme Court has allowed the restructuring - as approved by its security holders and senior lenders on 22 November - of the Centro Properties Group to proceed, thereby paving the way for the firm to refinance its underlying syndicates and meet the scheduled obligations to Centro CMBS 2006-1 by 20 December. This follows the objection by .......

    News Round-up 1 December 2011

  • European CMBS maturity performance 'dismal'

    European CMBS loan maturity performance in October was more dismal than S&P anticipated. According to the rating agency's monthly European CMBS bulletin, only five of the 35 loans scheduled to repay in that month did so in full.

    Significantly, in the 12 months up to 31 October 2011, servicers have extended €4.97bn by loan balance - increasing the extension rate .......

    News Round-up 30 November 2011

  • Negative outlook for US-linked deals

    Fitch says it expects to revise the rating outlook to negative for certain US structured finance ratings as a result of the change in the US sovereign's rating outlook to negative from stable. For deals that benefit from guarantees or insurance from the US government, the agency expects to revise its rating outlook on triple-A rated classes to negative from .......

    News Round-up 30 November 2011

  • Eurozone crisis knocks restructured permacap

    Real Estate Credit Investments (RECI) - the permanent capital vehicle formerly known as Queens Walk Investments Limited - recorded a net loss of €10.8m in 2Q11 following mark-to-market losses on its investment portfolio. The loss has been attributed to lower bond prices and volatility surrounding the Eurozone debt crisis. However, the company believes market reactions to the Eurozone debt crisis have .......

    News Round-up 29 November 2011

  • Global securitisation volumes strong in October

    At the end of October 2011, with just under US$225bn and €80bn of qualifying securitisation deals completed, the leaders maintained their places in the SCI league tables for bank arrangers in the structured credit and ABS markets. Most added to their accounts as the US and European markets saw above average issuance of US$24.6bn and €11.4bn respectively for the month.

    News Round-up 25 November 2011

  • Keops properties complete

    The special servicer for the Keops loan, securitised in Juno (Eclipse 2007-2), has confirmed that 129 of the 130 properties that were sold via auction have completed. The remaining property - valued at Skr78m - will be re-auctioned, while Catella tries to achieve a higher price by selling it to a private investor.

    In total, 146 properties have been sold .......

    News Round-up 24 November 2011

  • DQT down 7bp

    The delinquency rate for loans in US CMBS declined 7bp in October, to 9.29%, according to Moody's latest Delinquency Tracker (DQT). Delinquencies have been above 9% for ten months now, the agency notes.

    Moody's Specially Serviced Loan Tracker (SSLT) fell by 3bp to 12.10% and the gap between the SSLT and the DQT widened by 4bp to 281 from 277, .......

    News Round-up 23 November 2011

  • Rare tender offer announced

    In a move rarely seen in the CMBS market, HSBC has commenced a tender offer for all outstanding NEMUS 2006-1 class A to E bonds at a fixed price for each. Noteholders are required to tender by 2 December.

    Class A notes are being tendered at 96, class Bs at 94, class Cs at 90, class Ds at 84 and .......

    News Round-up 22 November 2011

  • EMEA special servicing to remain elevated

    As the wave of October loan maturities passed, the number of European CMBS loans in special servicing has remained relatively stable, according to Moody's. However, the agency suggests that this is due to recent loan workouts and is only temporary.

    Moody's latest monthly newsletter on EMEA CMBS reports that there were a total of 106 loans in special servicing as .......

    News Round-up 21 November 2011

  • REO business acquired

    Clayton Holdings has agreed to purchase Green River Capital. Green River, which provides REO, short sale and broker price opinion (BPO) services, will become a wholly owned subsidiary of Clayton, operating as a standalone business under its current brand and led by its current management team.

    Christopher West, Green River founder and ceo, and Paul Bossidy, Clayton ceo, will become .......

    Job Swaps 21 November 2011

  • Opco-propco conundrum considered

    The majority of legacy opco-propco real estate structures are unlikely to secure refinancing in their current format from either banks or capital markets, according to Bishopsfield Capital Partners.

    Whole business securitisations (WBS) and credit tenant leases (CTL) present alternative refinancing options, the firm says, particularly for opco-propcos with specialised and illiquid property assets. Vehicles containing high quality and more liquid .......

    News Round-up 21 November 2011

  • R2 partners with Trepp

    R2 Financial Technologies has announced a new partnership agreement with Trepp that enables users of the NxR2 system to integrate data and analytics from Trepp into their portfolio and risk management analyses. Integration of the Trepp data and analytics will further improve the depth and detail of analyses performed on portfolios that contain CMBS, the firm says.

    .......

    News Round-up 16 November 2011

  • 2012 CMBS loan defaults set to increase

    North American CMBS loan defaults slowed in the first half of 2011 after spiking in 2009 and 2010, according to a research paper published by S&P.

    "With CRE lenders becoming more cautious in the current environment, refinancing prospects for maturing loans have lessened. As 2012 is a big year for CMBS loan maturities, annual loan defaults, in our view, could .......

    News Round-up 14 November 2011

  • Drop in CMBS loan pay-offs

    One month after posting the highest reading since December 2008, the percentage of CMBS loans paying off at their maturity plummeted in October, according to Trepp's October pay-off report.

    In October, 41.8% of loans reaching their balloon date paid off. This was over 22 points lower than September's 64.4% reading, marking the single biggest monthly drop since April 2010.

    Trepp .......

    News Round-up 10 November 2011

  • Aussie act 'could be credit negative'

    The Australian Personal Property Securities Act 2009 (PPSA), due to take effect around February 2012, could be credit negative for transactions parties, warns Moody's. The PPSA will replace 70 state and federal acts as well as eliminating more than 30 individual securities registers and apply to a host of securitised assets and structures.

    "It is going to broaden the purview .......

    News Round-up 10 November 2011

  • Agency to change CMBS rating criteria

    S&P is undertaking a review of the assumptions and methodology that it uses to rate European CMBS, according to an advance notice of proposed criteria change.

    The goal of this criteria review is to increase the transparency of S&P's rating methodology, enhance the comparability of these ratings relative to other sectors, and to further address credit stability.

    S&P says this .......

    News Round-up 9 November 2011

  • CRE loan prices ease off

    The aggregate value of CRE loans priced by DebtX that collateralise CMBS decreased from 85.9% as of 31 August to 85.0% as of 30 September. Loan values were 80.5% as of the end of September. DebtX priced 53,196 CRE loans in September, with an aggregate principal balance of US$633.6bn. The loans collateralise 643 US CMBS trusts.

    "Commercial real estate loan .......

    News Round-up 9 November 2011
×