CMBS

  • CMBS delinquency rate inches up

    The delinquency rate on loans included in US CMBS conduit/fusion transactions inched up by 6bp in April to 9.22%, according to Moody's Delinquency Tracker (DQT). At the same time, the total dollar balance of delinquent loans declined for the second straight month in April, slipping to US$56.4bn from US$56.5bn in March. However, CMBS conduit/fusion loans outstanding fell by over US$5bn .......

    News Round-up 18 May 2011

  • CRE reporting package updated

    Commercial Real Estate Finance Council Europe (CREFC Europe) has released Version 2.0 of its European Investor Reporting Package (E-IRP). The aim of E-IRP 2.0 is to help improve transparency and liquidity throughout the European commercial real estate financial markets.

    "CREFC Europe worked with the European Central Bank (ECB) and its advisor, Link Financial, in order to harmonise standards between the .......

    News Round-up 11 May 2011

  • Japanese CMBS large loan defaults rise

    Default rates for large Japanese CMBS loans have increased, as of end-April 2011, according to Moody's.

    Large loans amounting to more than ¥10bn have defaulted since the latter half of last year, accounting for 59% of the total outstanding balance of defaulted loans as of end-April. The level is a significant increase from 17% since end-March 2010, the agency says.

    News Round-up 11 May 2011

  • CMBS defeasance activity doubles

    Defeasance activity among loans backing US CMBS increased sharply in 2010, reaching more than twice the total from 2009. Moody's reports that the defeasance of CMBS loans in 2010 was US$2.8bn, compared to US$1.3bn the year before, reflecting the increased liquidity for commercial real estate assets.

    "Defeasance remains an important factor in CMBS credit because it dramatically reduces the risk .......

    News Round-up 9 May 2011

  • CMBS research vet recruited

    Bank of America Merrill Lynch has appointed Alan Todd as head of US CMBS research. In this role, Todd will be responsible for generating high-level relative value and trade-specific research recommendations to external and internal clients in both cash and synthetics. He will also focus on providing macro-level overviews and in-depth analysis of the US CMBS and commercial real estate .......

    Job Swaps 9 May 2011

  • Japanese CMBS defaults increase

    The balance of defaulted underlying loans backing Japanese CMBS has declined slightly, according to Fitch. But the default rate of underlying loans continued to increase for a second consecutive quarter, both by number and balance.

    "The default rate reached a new high on a quarterly basis, with a fall in the total underlying loan balance and number. Fitch believes that .......

    News Round-up 9 May 2011

  • Simmons partner returns

    Simmons & Simmons has expanded its financial markets practice in Paris with the appointment of partner Colin Millar. Millar - who joins from SJ Berwin Paris - specialises in leveraged finance, funds finance, restructuring and real estate finance. Before SJ Berwin, he was a partner at Simmons & Simmons Paris for nine years.

    .......

    Job Swaps 9 May 2011

  • Loan resolutions aid CMBS delinquencies

    Loan resolutions have once again helped cancel out rising monthly US CMBS delinquencies, with the overall rate holding steady for the second straight month and delinquencies rising by 1bp to 8.75%, according Fitch.

    "While the nascent real estate recovery and elevated loan resolutions are grounds for cautious optimism, it is still too early to say that CMBS delinquencies have reached .......

    News Round-up 6 May 2011

  • CMBS loan payoffs dip

    The percentage of US CMBS loans paying off on their balloon date fell in April from the impressive levels seen in March. However, the percentage of loans paying off in April was well above the 12-month rolling average of 38.9%, according to Trepp's latest payoff report.

    In March, the percentage cracked the 50% threshold for only the second time in .......

    News Round-up 6 May 2011

  • CMBS md named

    1st Service Solutions has appointed Mitchell Brumwell as md and member of its management team. He will act as a representative for the firm by attending and speaking at conferences, seminars and panels held by independent organisations, associations, professional and industry trade groups and think tanks. Based in Chicago, Brumwell will report to the firm's co-ceos Ann Hambly and Mike .......

    Job Swaps 6 May 2011

  • CS hire signals CMBS return

    Credit Suisse has hired Roger Lehman as md and head of CMBS research, responsible for research and analysis that "will support the bank's re-entry into CMBS origination, as well as its secondary trading desk". He will report to Dale Westhoff, global head of securitised products research, and will join Credit Suisse on 1 August.

    Lehman joins Credit Suisse from Bank .......

    Job Swaps 6 May 2011

  • US CMBS delinquencies re-accelerate

    After three consecutive months in which the US CMBS delinquency rate showed signs of levelling off, the rate re-accelerated in April, according to Trepp's latest delinquency report. The percentage of loans 30+ days delinquent, in foreclosure or REO climbed by 23bp in April to 9.65%. The value of delinquent loans now exceeds US$62.8bn.

    The report notes: "In February and March, .......

    News Round-up 4 May 2011

  • FDIC CMBS closes

    FDIC has closed its CMBS backed by US$394.3m of performing commercial and multi-family mortgages from 13 failed banks. This pilot transaction, dubbed FDIC 2011-C1, marks the first time that the agency has sold commercial mortgage loans in a securitisation since the beginning of the financial crisis.

    The transaction consists of three classes of securities. Senior certificates of US$315.4m represented 80% .......

    News Round-up 4 May 2011

  • CMBS loan liquidations creep up

    Almost US$1.25bn of US CMBS conduit loans experienced losses in April, according to Trepp's latest loss analysis report. This number is up by about 2% from the March total and is the third highest value since the firm began tracking it in January 2010. Only January 2011 and July 2010 saw higher totals.

    In March, 66% of the loans that .......

    News Round-up 3 May 2011

  • Euro CMBS maturity repayment falls

    Fitch reports that the low repayment rate of loans maturing in April 2011 caused its European CMBS Maturity Repayment Index to fall to 38.1% from 40.3%. Coupled with the large volume of loans that matured, this increased the outstanding matured loan balance by 27.4% to €7.2bn. Of the 154 loans that have matured since 2007, 64 have been repaid in .......

    News Round-up 3 May 2011

  • CMBS 2.0 leverage likely to rise

    The credit quality of CMBS issued post-recession has been strong, says Moody's. However, as the credit cycle continues, the leverage of the loans in transactions is expected to increase.

    Moody's has rated eight CMBS 2.0 conduit deals since issuance resumed in 2010. "Current underwriting is vastly improved compared with CMBS issuance from 2007, contrary to some reports in the market. .......

    News Round-up 3 May 2011

  • Real estate md named

    Jefferies has appointed Michael Old as md in its real estate investment banking group, based in London. With nearly 17 years of real estate investment banking experience, Old joins Jefferies from Bank of America Merrill Lynch, where he was md in its European real estate structured finance group. Previously, he was an executive director at NM Rothschild and Sons in .......

    Job Swaps 3 May 2011

  • Synthetic CMBS workouts examined

    The conflicts of interest between lenders and noteholders in synthetic European CMBS structures may materially alter the loan workout process, according to Fitch. In particular, it may limit the flexibility available to servicers when working out distressed loans and may therefore result in increased losses, the agency says.

    "Synthetic transactions present an inherent conflict of interest between the original lender .......

    News Round-up 3 May 2011

  • Borrower advocate adds md

    Jeff Spelman has joined 1st Service Solutions as md, responsible for developing capital sources within its Equi-Debt Solutions platform. The newly launched platform offers equity and debt to borrowers of non-performing CRE loans.

    Spelman was previously vp and senior portfolio manager at Hunt Realty Investments, where he was responsible for creating and implementing strategies for real estate operating companies and .......

    Job Swaps 3 May 2011

  • CMBS next up for ECB loan-by-loan info

    The European Central Bank (ECB) has announced that it intends to extend its loan-by-loan information requirements for ABS in the Eurosystem collateral framework to CMBS and small- and medium-size enterprise (SME) transactions within the next 18 months (see also SCI 21 April).

    "Loan-level data for these asset classes will be provided in accordance with the templates available on the ECB's .......

    News Round-up 3 May 2011

  • Specially serviced CMBS loss severity rises

    Moody's latest update on its portfolio of EMEA CMBS loans in special servicing indicates that one new loan transferred into special servicing and one loan transferred out during March. The total number of loans in special servicing remains at 88, accounting for approximately €13.8bn balance outstanding.

    Only 0.7% of the loans in Moody's portfolio are not from the 2005 to .......

    News Round-up 26 April 2011
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