CMBS

  • 'Synergistic' CMBS prepped

    Hollywood creative campus refinanced

    Barclays is in the market with BXHPP 2021-FILM, secured by what is described as a “high barrier-to-entry” real estate portfolio that serves as a hub for the growing digital content industry. The US$1.1bn CMBS securitises a two-year floating-rate loan collateralised by five Class A office buildings (totalling 967,194 square-feet) and three film studio lots (1.26 million square-feet) in Hollywood, .......

    News 13 August 2021

  • Risk transfer round-up - 12 August

    CRT sector developments and deal news

    News 12 August 2021

  • CMBS fillip

    Hotel sector leads recovery in US CMBS but retail still depressed

    Delinquency rates in US CMBS have fallen appreciably in July, led by a robust performance in the hotel sector, reports Fitch Ratings.

    But the retail sector, and particularly regional malls, remains a problem area where delinquency rates and volatility are expected to remain elevated.

    The overall CMBS delinquency rate fell 22bp from 3.81% in June to 3.59% in July due to a combination .......

    News 11 August 2021

  • Pretium strengthens resi credit capabilities

    Sector developments and company hires

    Pretium strengthens resi credit capabilities
    Sarah Kong, Andrew Miller and Peter Morreale have joined Pretium as mds, based in New York. Kong will be responsible for mortgage whole loan trading at Pretium and joins from Goldman Sachs, where she spent 15 years in the firm's mortgage business. Miller was previously at Fortress Investment Group and will be responsible for the .......

    Market Moves 4 August 2021

  • Robust performance

    Freddie Mac K-Series defaults, losses tracked

    Freddie Mac K-Series CMBS are exhibiting a cumulative default rate of 0.35%, according to a new KBRA loan default and loss study on the sector. Such robust performance is expected to continue, as the US multifamily sector has benefited from strong investor demand, demographic shifts, household formations and an improving economy.

    “We expect this to continue for the .......

    News 2 August 2021

  • Revival of the fittest

    Euro CMBS continues to gain traction

    European CMBS is experiencing a sturdy revival, despite a wave of downgrades by US rating agencies, participants in a recent Scope Ratings webinar agreed. With 10 public European CMBS issued in 1H21 - amounting to €3bn – and another three announced since then, market appetite for these transactions is growing (SCI 30 June).

    With 2021 supply already .......

    News Analysis 2 August 2021

  • BTL issuer acquired

    Sector developments and company hires

    BTL issuer acquired
    Starling Bank has acquired specialist buy-to-let mortgage lender Fleet Mortgages in a £50m cash and share deal. To date, Fleet Mortgages has originated £2.3bn of mortgages and experienced zero credit losses. It currently has circa £1.75bn of mortgages under management and has executed nine RMBS.

    Starling will become the sole funder of future originations, with Fleet .......

    Market Moves 29 July 2021

  • Risk on

    Lower quality credit outperforms

    The first half of 2021 has been universally positive for below-investment grade credit markets and for alternative credit funds. Indeed, stressed and distressed corporate credit generated the highest returns.

    “If you fell asleep at the end of 2019 and woke up mid-way through 2021, you would look back and say these performance numbers don’t look too bad. Credit .......

    News 28 July 2021

  • Summer hiatus

    European ABS/MBS market update

    Tight spreads, significant supply and general optimism have epitomised the first half of the year in European ABS/MBS. Now, as the primary market finally comes to a halt for the summer with only one deal widely marketing – Taurus 2021-4 UK, see SCI’s Euro ABS/MBS Deal Tracker for more – the secondary market appears to be entering hiatus .......

    News 27 July 2021

  • Angel eyes

    Angel Oak Capital Advisors' Sam Dunlap talks value in non-agency MBS

    Atlanta-based Angel Oak Capital Advisors’ flagship multi-strategy income fund (ANGLX),  this year celebrates its 10-year anniversary.  The ANGLX is a dedicated structured credit mutual fund, focussing chiefly on US non-agency residential MBS, and was launched after the Financial Crisis of 2007/2008. In the last decade, ANGLX has achieved average annualised returns of 5.66%, as of 6/30/21, and now has approximately $7bn .......

    The Structured Credit Interview 20 July 2021

  • Jamaica in cat bond first

    Sector developments and company hires

    Jamaica in cat bond first
    The World Bank/IBRD has priced a catastrophe bond that will provide the government of Jamaica with financial protection of up to US$185m against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023. The government of Jamaica is the first government in the Caribbean region, and the first of any small island .......

    Market Moves 20 July 2021

  • New CLO committee to tackle 'greenwashing'

    Sector developments and company hires

    New CLO committee to tackle ‘greenwashing’
    The European Leveraged Finance Association (ELFA) has created a new committee to establish industry best practice and serve investors in the CLO market. The CLO Investor Committee will provide a forum for members to identify CLO investors’ requirements, facilitate discussion on general market progress and key issues, and contribute to the regulatory dialogue on .......

    Market Moves 15 July 2021

  • ILS efforts beefed up

    Sector developments and company hires

    ILS efforts beefed up
    AXIS Capital Holdings has appointed Chris Caponigro as global head of AXIS ILS, as its third-party capital unit has been rebranded. Caponigro will oversee the company’s activities related to third-party capital under management, supporting ILS efforts across its reinsurance and insurance segments. He will report to AXIS Re ceo Steve Arora and be based out of .......

    Market Moves 14 July 2021

  • Endless cash

    European ABS/MBS market update

    As the pre-summer flow comes to a close, optimism still prevails across the European ABS/MBS primary market. Despite strong execution from the four widely marketed deals last week and three still in the pipeline (see SCI’s Euro ABS/MBS Deal Tracker for more), further tight pricing levels are expected.

    “The ABS-RMBS space has been exceptionally strong during these .......

    News 14 July 2021

  • Going hybrid

    New working models 'render offices as a service'

    The Covid-19 pandemic has ushered in hybrid working models that are redefining real estate valuations of offices as a service, rather than passive assets. At the same time, a shift in the balance of power from landlords to tenants appears to be underway.

    “The shift appears to be irreversible,” says Euan Gatfield, md of EMEA CMBS at Fitch. .......

    News Analysis 9 July 2021

  • EU monetary policy to reflect carbon transition

    Sector developments and company hires

    EU monetary policy to reflect carbon transition
    The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.

    As such, it .......

    Market Moves 9 July 2021

  • Sustainable finance strategy unveiled

    Sector developments and company hires

    Sustainable finance strategy unveiled
    The European Commission has adopted a number of measures in connection with sustainable finance. First, a new Sustainable Finance Strategy sets out several initiatives to tackle climate change, as well as increase investment in the EU's transition towards a sustainable economy.

    The strategy includes six sets of actions: extend the sustainable finance toolbox to facilitate .......

    Market Moves 7 July 2021

  • NPL facility inked

    Sector developments and company hires

    NPL facility inked
    Together Financial Services has launched a new £96.2m securitisation vehicle called Brooks Asset Backed Securitisation 1 (BABS), which matures in 2026. The facility consists of a varied pool of residential and commercial purpose non-performing loans, previously funded within the senior borrower group. Consistent with its wider securitisation programme, Together will continue to service and manage the loans .......

    Market Moves 6 July 2021

  • Tight summer

    European ABS/MBS market update

    Following a busy quarter that saw every new deal being met with heavy investor demand, there is no sign of the appetite for paper diminishing. Secondary has picked up too over the last week and is showing a similar trend.

    Even with the summer holidays quickly approaching, primary spreads still appear to be tightening, matching levels not seen .......

    News 2 July 2021

  • Italian SME ABS first finalised

    Sector developments and company hires

    Italian SME ABS first finalised
    Banca Carige and Banca del Monte di Lucca have completed Lanterna Finance 2021, the first Italian SME ABS backed by loans fully guaranteed by the Italian government. The up to €30,000 unsecured loans have been originated based on the ‘Liquidity decree’, converted into law on 5 June 2020, and are fully guaranteed by the Central .......

    Market Moves 30 June 2021

  • Litmus test

    European CMBS momentum set to last

    Nine European CMBS have been issued so far this year and two are currently marketing, pointing to growing confidence in the sector amid a post-coronavirus recovery. Indeed, current momentum in the market - exemplified by the volume of activity and investor interest in a variety of assets and jurisdictions - appears set to last.

    “2021 was unsurprisingly looking .......

    News Analysis 30 June 2021
×