CMBS

  • Japanese CMBS see more defaults and downgrades

    A high proportion of maturing underlying loans of Japanese CMBS transactions continued to default in 2Q11, according to S&P. At the same time, the agency says downgrade numbers have increased significantly.

    Twelve out of the 18 S&P-rated loans that matured in the quarter were not redeemed on their respective maturity dates. However, five other loans that had previously defaulted were .......

    News Round-up 2 August 2011

  • European loans in special servicing hit 100

    The number of loans in special servicing in European CMBS transactions reached 100 for the first time last month and 15% of euro loans (by balance) is now in special servicing. These figures attest to the troubles that the sector continues to face, according to S&P's July CMBS bulletin.

    "Although there were no delinquencies in June, this was to be .......

    News Round-up 2 August 2011

  • CMBS loan liquidations retreat in July

    Over US$1.3bn in US CMBS conduit loans were resolved with losses in July, according to Trepp, representing a retreat from June's record level.

    In total, Trepp says 175 loans were liquidated in July, compared to 197 loans and US$1.8bn in face amount in June. The losses on the July liquidations were about US$538m - representing an average loss severity of .......

    News Round-up 1 August 2011

  • Euro CMBS maturity defaults increasing

    Fitch says in a new report that the performance of European CMBS loans deteriorated during 2Q11, primarily due to an increasing number of maturity defaults.

    The proportion of loans categorised as being fully performing decreased to 67.2% from 71.2% during the second quarter. Fitch says this was primarily driven by a continued increase in the proportion of loans in maturity .......

    News Round-up 1 August 2011

  • US fixed-rate CMBS defaults approaching 13%

    Fitch's US CMBS cumulative default rate for fixed-rate CMBS increased to 12.9%, as of the end of 2Q11. This represents a 228bp increase compared to year-end 2010.

    "Limited conduit issuance so far this year has not yet helped to stabilise the cumulative CMBS default rate," says Fitch md Mary MacNeill. To date, US$9.95bn in new fixed rate conduit CMBS has .......

    News Round-up 29 July 2011

  • Loan servicer coo replaced

    LNR Partners Europe has appointed Matthias Schlueter as its new coo and md. Schlueter, who has 10 years of experience in the commercial real estate and CMBS special servicing industry, will take over the role from outgoing coo Mark Miller. Miller, in turn, has accepted a senior position in the firm's US special servicing business.

    Schlueter will be responsible for .......

    Job Swaps 25 July 2011

  • Real estate practice bolstered

    Jodi Schwimmer has joined Dechert's finance and real estate practice as counsel in New York. She was most recently an associate at Cadwalader, Wickersham & Taft.

    Schwimmer focuses her practice on CMBS, real estate finance and structured finance, representing clients in non-performing real estate debt obligations, structured products, the purchase and sale of commercial and multifamily mortgage loans, mezzanine debt, .......

    Job Swaps 22 July 2011

  • City Center Trust 2011-CCHP ratings queried

    Fitch has published another unsolicited assessment of a CMBS deal in marketing. As with its unsolicited assessment on DECO 2011-CSPK (SCI 3 June), the agency finds its expected ratings on City Center Trust 2011-CCHP (CCHP) to be out of step with those actually assigned to the deal.

    Fitch says that investment grade ratings assigned to the most junior class of .......

    News Round-up 22 July 2011

  • Securitisation race heats up

    At the halfway point of 2011, with close to US$140bn of qualifying deals counted, the race is heating up for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. Demonstrating how quickly the situation can change, May's sixth-placed firm has jumped to third this month. Europe, on the other hand, remains .......

    News Round-up 22 July 2011

  • Imperial Capital hires in structured finance

    Todd Fasanella has joined Imperial Capital as an md located in its New York office. He will focus on investment banking for the financial services and real estate, lodging and leisure sectors and will also expand Imperial's capabilities by pursuing structured and project financing transactions for the firm's investment banking and institutional sales & trading clients.

    Fasanella has over 15 .......

    Job Swaps 21 July 2011

  • Fitch sanguine on CMBS 2.0

    A new report from Fitch suggests that the agency is currently comfortable with new CMBS deal structures, despite what it describes as "mounting concern that US CMBS underwriting standards are on the decline". At the same time, the agency underlines that it will take action, should standards decline too quickly.

    Fitch says it believes that there is quite a way .......

    News Round-up 21 July 2011

  • EMEA special servicing activity reviewed

    Moody's reports in its latest EMEA specially serviced loan update that four loans were transferred into special servicing during June. One loan was removed, bringing the total number of loans in special servicing across EMEA CMBS large multi-borrower and single-borrower transactions monitored by the agency to 104.

    Highlights for the month include the restructuring of the €581m Mozart Loan securitised .......

    News Round-up 20 July 2011

  • Further mezz CMBS supply expected

    Additional US mezzanine conduit CMBS supply could hit the market, following the US$1bn liquidation of LNR VI 2007-2 CRE CDO last Friday. The liquidation was triggered by an EOD due to the B tranche taking interest shortfalls since April. Increasing modification rates are expected to trigger more interest shortfalls in the future, resulting in further CDOs experiencing EODs.

    In the .......

    News Round-up 19 July 2011

  • CMBS pay-off percentage jumps

    The percentage of US CMBS loans paying off on their balloon date jumped in June, according to the latest Trepp pay-off report. This jump comes on the heels of two consecutive months where the percentage fell.

    In June, 42.4% of loans reaching their balloon date paid off - over seven points above the May reading. The June number was above .......

    News Round-up 18 July 2011

  • Japan CMBS loan defaults increase

    The default rate of loans backing Moody's-rated Japanese CMBS has increased substantially. A total 63% of the Moody's-rated CMBS loans that matured during the first half of 2011 defaulted, up from 37% in all of 2010.

    The main reason for the sharply rise in defaulted loan amounts is due to the commencement of collection activities for some large loans, Moody's .......

    News Round-up 12 July 2011

  • Portfolio fire-sale averted

    A €940m portfolio of around 100 German commercial offices and retail premises has been saved from a potential fire sale. The Mozart loan, secured on properties with a valuation deficit of around €200m, has been restructured in-house at servicer Hatfield Philips.

    "Despite the borrowers being in Germany, the loan was restructured without having to write off any debt, thus ensuring .......

    News Round-up 12 July 2011

  • CMBS loan origination JV formed

    Prudential Mortgage Capital Company and affiliated funds of Perella Weinberg Partners' asset based value strategy have formed a joint venture to originate commercial mortgages for future securitisation. The JV is initially targeting more than US$1bn a year in fixed rate mortgages for stabilised commercial properties across all asset classes. The venture will create a branded vehicle and partner with third .......

    Job Swaps 11 July 2011

  • CMBS loss severity jumps in June

    Over US$1.8bn in US CMBS conduit loans were resolved with losses in June, according to Trepp, indicating that special servicers continue to accelerate the pace at which they are dealing with troubled loans.

    The June reading was the highest value posted since the firm began tracking this number in January 2010. The US$1.8bn total was 19% above the previous high .......

    News Round-up 8 July 2011

  • CMBS loan maturity outcomes analysed

    Fitch has published an analysis of matured German loans securitised in Fitch-rated CMBS transactions to assess the likely outcomes at the remaining loans' respective maturity dates.

    "An analysis of matured European CMBS loans identified loan size and leverage and coverage ratios as the three most important drivers of loan maturity outcomes," says Gioia Dominedo, senior director in Fitch's structured finance .......

    News Round-up 8 July 2011

  • US CMBS delinquencies fall for second month

    For the first time since the credit crisis began in 2008, the US CMBS delinquency rate has fallen for two consecutive months according to Trepp's latest delinquency report. The rate reduction was driven primarily by a sharp spike in loans being resolved with losses, rather than delinquent loans actually curing.

    Overall, the delinquency rate for U.S. commercial real estate loans .......

    News Round-up 6 July 2011

  • CMBS maturity repayment index rises

    Fitch says in its latest European CMBS bulletin that full and partial prepayments caused its European CMBS Maturity Repayment Index to increase during June to 40.4% from 38.3%. These repayments also reduced the outstanding matured loan balance by 3.4% to €6.99bn.

    Overall, 65 of the 154 loans that have matured since 2007 have been fully repaid. No loans matured in .......

    News Round-up 1 July 2011
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