CMBS

  • Toys R Us CMBS exposure gauged

    Toys R Us filed for chapter 11 bankruptcy protection this week. Several US CMBS loans are exposed to the retailer, although no store closures have been announced.

    The company filed for bankruptcy protection in an attempt to resolve US$400m of debt maturing next year. The majority of its stores remain profitable and the company says the filing will not affect .......

    News 21 September 2017

  • Merger to impact SFR volumes

    Starwood Waypoint Homes and Invitation Homes recently announced plans to merge, creating the largest single-family rental company in the US (SCI 11 August). The firms have also stated their intention to go public, a move that is likely to impact their securitisation strategy and potentially curtail issuance in the broader SFR RMBS market.

    The merger will create the largest REIT .......

    News Analysis 21 September 2017

  • Job swaps round-up - 15 September

    EMEA

    Golden Tree Asset Management has opened an office in Sydney, hiring Russell Taylor as md to lead the office. Taylor was most recently md at JPMorgan where he was head of institutional sales for Australia and New Zealand. He worked at the bank for 30 years in a number of roles, including across credit derivatives, structured credit, securitisation, loans .......

    Job Swaps 15 September 2017

  • Debut conduit CMBS launched

    Stonemont Financial Group has sponsored its inaugural CMBS, backed by a portfolio of office, industrial, retail and bank branch properties across 20 US states. The US$800m CMBS conduit, dubbed Stonemont Portfolio Trust 2017-STONE (see SCI's deal pipeline), is collateralised by a two-year, floating-rate, interest-only mortgage loan securing 94 properties and a leasehold interest in one property.

    Proceeds of .......

    News 8 September 2017

  • Job swaps round-up - 8 September

    EMEA

    Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS).

    Beechbrook Capital has hired Jon Petty to the role of associate director .......

    Job Swaps 8 September 2017

  • CMBS split loans on the rise

    Pari-passu loans are increasing as a percentage of US conduit CMBS transactions. A recent Deutsche Bank analysis suggests that there are now 500 split loans in CMBS 2.0 deals and while split conduit loans can be of high quality, some investors prefer loan diversity over overlap.

    Split loans can reduce diversification across a CMBS portfolio, particularly when individual portions of .......

    News 7 September 2017

  • Euro secondary returns

    The European securitisation secondary market is beginning to return to life after the summer.

    August saw the usual seasonal lull in terms of trading volumes in ABS/MBS, but the buying bias remained across the board. Consequently, secondary spreads were flat to slightly tighter month on month.

    CLO volumes saw less of a dip and from time to time, especially around .......

    SCIWire 7 September 2017

  • Job swaps round-up - 1 September

    EMEA

    Credit Suisse has hired Constantin Hulst as a CLO structurer to its European CLO origination team in London, reporting to Michael Malek, head of European CLO structuring. Hulst was previously at BNP Paribas, where he was an analyst and structurer in the CLO team.

    North America

    Allianz Global Investors has hired Mona Mahajan as its new US investment strategist. She .......

    Job Swaps 1 September 2017

  • Direct issuance achieves CMBS firsts

    The recent US single-asset/single-borrower CMBS from the Shidler Group - HMH Trust 2017-NSS (see SCI's primary issuance database) - debuted a new direct issuance model, at least post the financial crisis. The transaction features several innovations, including a unique risk retention structure and extra borrower control.

    Proceeds from the US$204m transaction were used by the Shidler Group to .......

    News Analysis 1 September 2017

  • Hurricane Harvey impact weighed

    While the picture is not yet clear in terms of the total damage inflicted by Hurricane Harvey, it looks set to impact several sectors across securitisation. RMBS and CMBS appear likely to be most affected, along with credit risk transfer transactions and potentially auto ABS.

    CMBS 2.0 transactions are set to be most affected, with Morgan Stanley estimating that 241 .......

    News 1 September 2017

  • Job swaps round-up - 25 August

    EMEA

    Fitch has appointed Marjan van der Weijden as global group head of structured finance and covered bonds, based in London. She has been with Fitch for 18 years and most recently served as head of EMEA structured finance since 2010. The agency has also appointed Kevin Duignan as global group head for financial institutions, based in New York. He .......

    Job Swaps 25 August 2017

  • Debut CRE CLO closed

    Hunt Mortgage Group has closed its inaugural US$349.3m CRE CLO, dubbed Hunt CRE 2017-FL1. The transaction is backed by 23 floating-rate mortgages secured by 36 transitional properties, with plans to stabilise and improve the asset value.

    Hunt's first CLO follows the recruitment of several staff with extensive securitisation expertise. This effort began nearly two years ago, with the hire of .......

    News 24 August 2017

  • Large loan volatility examined

    Larger properties have shown higher default rates than smaller properties in US CMBS over the last decade, according to DBRS. While this is partly due to the recession, the rating agency also finds that cashflow is more volatile in portfolios of larger loans.

    Over time, cashflow change in portfolios of larger loans appears more volatile, with steep decreases in a .......

    News 23 August 2017

  • Dutch deal breaks BTL ground

    RNHB last month priced a Dutch buy-to-let (BTL) RMBS dubbed Dutch Property Finance 2017-1 (see SCI's primary issuance database), marking the first of its kind from the jurisdiction and including several unusual features (SCI 17 July). However, only €824.5m of bonds were placed with investors, despite the deal originally being marketed at €1.5bn.

    Ruben van Leeuwen, head of .......

    News Analysis 21 August 2017

  • Job swaps round-up - 18 August

    North America

    Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, overseeing the firm's financial and portfolio investment functions, as well as working with its ceo Marty Hughes and president Chris Abate in advancing its long-term business strategies. Robinson will begin at the firm in October, reporting to Abate, having previously served as head of mortgage .......

    Job Swaps 18 August 2017

  • 'Cross-over' dispute highlighted

    The trustee for the MLCFC 2007-8 CMBS has withheld US$143.7m in principal, according to August remittance data, as the transaction parties seek to determine the payment order. Trepp suggests that the dispute pertains to how principal payments in 'cross-over periods' should be handled.

    The trustee website this month indicates that there is a language dispute between the PSA and the .......

    News 17 August 2017

  • Job swaps round-up - 11 August

    North America

    John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Reef Road Capital, and before that was at Citadel Investment Group and Paloma Partners. He will be based in New York and ......

    Job Swaps 11 August 2017

    Premium Content

  • Innovative CRE CLO marketing

    Bancorp Bank is marketing a US$314.4m static commercial real estate CLO, backed by 24 floating-rate commercial mortgage loans secured by 31 properties. The transaction, dubbed Bancorp 2017-CRE 2, is structured as a REMIC trust and features several innovations, including not permitting a ramp-up or the acquisition/reinvestment of assets post-closing. The sponsor is also expected to sell the risk retention-compliant first-loss .......

    News 11 August 2017

  • Green agency CMBS 'first' prices

    Fannie Mae has priced its first GeMS REMIC backed exclusively by green MBS collateral. The issuance is the first of its kind in the market and builds on the GSE's previous US$1bn FNA 2017-M2 transaction, which was backed by 30 loans originated under the Fannie Mae green financing business and securitised as green DUS MBS (SCI 16 February).

    FNA 2017-M10 .......

    News 10 August 2017

  • Peripheral ABS playing catch-up

    Structured finance issuance in the European core has held up well over the summer, with spreads continuing to grind tighter. Although peripheral ABS spreads remain wide of the core, the periphery appears to be catching up.

    "Spreads throughout Europe - in both the core and periphery - have been going in the same direction for a while now, albeit at .......

    News Analysis 4 August 2017

  • Job swaps round-up - 4 August

    North America

    Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and structured finance. Robert Rich focuses primarily on representing corporate debtors, secured and unsecured creditors, indenture and securitisation trustees, lessors and other parties in interest in .......

    Job Swaps 4 August 2017
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