CMBS

  • CMBS financial statements missing

    Many of the specially serviced US CMBS loans that have returned to performing have not reported current financial data, according to Fitch. The agency argues that this lack of information leaves investors in the dark with respect to the property's performance.

    "Fitch Ratings believes special servicers should make an effort to collect operating statements on specially serviced loans as per .......

    News Round-up 21 October 2011

  • Epic loss hits class As

    The final payment on Epic (Industrious) was made on the 20 October IPD, resulting in a loss on all classes of notes. In particular, it represents the first time that a European formerly-rated triple-A securitised bond has suffered a principal loss.

    The final calculation of the credit protection payment on EPICP INDU was determined to be £251.7m, resulting in full .......

    News Round-up 21 October 2011

  • US securitisation issuance passes US$200bn

    At the end of September 2011, with more than US$200bn of qualifying securitisation deals completed, the leaders maintained their places in the SCI US league tables for bank arrangers in the structured credit and ABS markets. All added to their account as the month saw US$29bn of issuance.

    Europe, meanwhile, dragged itself out of the summer lull to see a shade under .......

    News Round-up 20 October 2011

  • Devonshire Square extended

    The Devonshire Square whole loan securitised in ELoC 26 (Triton), which was due to mature today, has been extended to 23 April 2013. The borrowers and the facility agent have agreed a business plan that includes a covenant by the borrowers to market the property or otherwise refinance the loan by no later than 22 April 2013. The plan also .......

    News Round-up 20 October 2011

  • Innkeepers settles

    Innkeepers USA Trust and its affiliates have reached an updated agreement with Cerberus Series Four Holdings, Chatham Lodging Trust and other related parties, thereby settling the litigation initiated in August (SCI passim). Innkeepers says the agreement is supported by its constituents and clears the way for the sale of 64 Innkeepers hotels to a Cerberus-Chatham joint venture for approximately US$1.02bn.

    News Round-up 20 October 2011

  • DQT rises 35bp

    The delinquency rate on loans in US CMBS conduit/fusion transactions rose by 35bp in September to 9.36%, according to Moody's Delinquency Tracker (DQT). Delinquencies in the US have been above 9% for nine months now.

    Moody's Specially Serviced Loan Tracker (SSLT) fell by 10bp to 12.13%, with the gap between the SSLT and the DQT narrowing by 45bp to 277 .......

    News Round-up 19 October 2011

  • Uncertainty for special servicers

    While special servicers have made tangible progress in stemming US CMBS losses, current economic uncertainty makes the outlook for next year more uncertain, according to Fitch in its latest annual US CMBS loss study.

    At 1,427, nearly four times as many loans were resolved by special servicers in 2010 compared to 2009, Fitch says. Additionally, the average loss severity declined .......

    News Round-up 12 October 2011

  • CMBS pay-offs jump sharply

    The percentage of CRE loans paying off on their balloon date posted their highest reading since December 2008, according to the latest Trepp pay-off report.

    In September, 64.4% of loans reaching their balloon date paid off. This is only the third time since late 2008 that the percentage passed 50%: the previous high in the last 33 months was 55.5% .......

    News Round-up 12 October 2011

  • GRAND restructuring delayed

    The projected timetable regarding a restructuring of the GRAND CMBS is to be delayed slightly, leading to suggestions that it was over-optimistic to begin with. Deutsche Annington (DAIG) met with the ad-hoc group of noteholders on an unrestricted basis on 7 October to discuss a revised timetable and process for agreeing the commercial terms of a solvent scheme of arrangement.

    News Round-up 11 October 2011

  • Servicer buys advisory firm

    Helios AMC, a special servicer sponsored by Ranieri Partners, has acquired global CRE advisory The Situs Companies. The combined company will operate as The Situs Companies.

    Helios ceo Keith Johnson will serve as ceo of the combined platform. The Situs principals will assume leadership positions, with co-founder Ralph Howard serving as the president of Europe, Steve Powel serving as president .......

    Job Swaps 7 October 2011

  • Hotel resolutions push delinquencies down

    The continued turnaround of hotels helped precipitate another decline for US CMBS delinquencies, according to the latest Loan Delinquency Index results from Fitch.

    Approximately US$604m in resolved hotel-backed loans resulted in a slight drop of 5bp for CMBS late-pays, bringing the overall rate to 8.6% from 8.65%. Aside from hotel sector gains, September proved to be a quiet month for .......

    News Round-up 7 October 2011

  • CMBS loan liquidations jump

    The balance of US CMBS conduit loans liquidated in September jumped to US$1.26bn - an increase of almost 25% from the low August reading, according to Trepp. At US$1.26bn, the volume is very close to the 12-month rolling average for the volume of loans liquidated each month, whereas the average loss severity was down more than 4% but still remains .......

    News Round-up 6 October 2011

  • US CMBS delinquencies stabilise

    After two very sharp moves over the last two months - a huge jump in July and a big dip in August - CMBS delinquencies stabilised in September, according to Trepp's latest delinquency report. For at least one month, the reading reverted to its pattern from earlier in the year when modest bumps in the rate were the norm.

    In .......

    News Round-up 3 October 2011

  • Marginal change in Euro CMBS repayments

    Fitch says its European CMBS Maturity Repayment Index changed only marginally during September, increasing to 41.7% from 41.1% in the previous month, due to full and partial redemptions totalling €140.9m. This slight change is explained by the fact that only two loans reached their maturity dates during the month. Combined with the redemptions, this resulted in the outstanding matured balance .......

    News Round-up 3 October 2011

  • Concerns raised over servicer changes

    Recent changes in ownership, management and strategic direction among US CMBS special servicers are prompting new investor concerns, according to Fitch Ratings.

    Given the decline in commercial mortgage performance since the beginning of the credit crisis, there has been much more focus on the role of special servicers, Fitch says. Recent events in particular have turned the spotlight on the .......

    News Round-up 30 September 2011

  • DQT edges down

    The delinquency rate on loans included in US CMBS conduit/fusion transactions fell by 23bp in August to 9.01%, according to Moody's Delinquency Tracker (DQT). The rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker, also declined in August - by 7bp to 12.23%.

    August was the eighth consecutive month that delinquencies in the US have .......

    News Round-up 29 September 2011

  • European CMBS recovery still not in sight

    More weakness in the credit markets means that a recovery for European CMBS is not yet in sight, according to two new reports from S&P.

    According to 'European CMBS: The Next 100 Days', which looks back on the sector in the first half of this year, new issuance appears unlikely to revive anytime soon. The report predicts that, despite steady .......

    News Round-up 28 September 2011

  • Bishopsfield bolsters CRE advisory

    Bishopsfield Capital Partners has recruited Arjan van Bussel as a new partner to further build its advisory, real estate and structured finance capabilities. He joins from RBS, where he was responsible for European CRE transactions in the structured finance team.

    Previously, van Bussel worked in structured real estate capital at ABN AMRO, having also been a member of the bank's .......

    Job Swaps 21 September 2011

  • TRX.II launch date announced

    The long-awaited launch of indices referencing CMBS 2.0 (SCI 7 April) is now set. Markit has announced that the first trading date for its new family of indices based on CMBS issued since 2010 - the Markit TRX.II indices - will be 3 October 2011.

    TRX.II will comprise a maximum of 25 triple-A rated securities from 25 different CMBS deals. .......

    News Round-up 20 September 2011

  • Action plan

    Real estate auction platform looks to expand

    Online bidding platform Auction.com is credited for helping to resolve distressed real estate in the US by putting it directly into the hands of local entrepreneurs. The company is now looking to expand into the European market and potentially via non-core CRE asset dispositions.

    Participants at a Hatfield Philips servicer forum last week described Auction.com as having had a "stunning .......

    News Analysis 20 September 2011

  • LNR restructures

    LNR Property has announced a new operating and an ongoing realignment of global resources. The firm says the move aims to meet the evolving demands of current businesses, opportunities unfolding in the current market environment and requirements arising from the Dodd-Frank regulatory environment.

    The new operating structure comprises three business units that span across the global marketplace: LNR Asset Services, .......

    Job Swaps 19 September 2011
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