CMBS

  • 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

  • Job swaps round-up - 28 July

    North America

    Ashurst is cutting its CLO practice because it sees it as "less relevant" to its global structured finance practice. It says "it will not be replacing the CLO team," many of whom have moved to Chapman and Cutler. The five partners joining Chapman and Cutler are Pat Quill, David Nirenberg, Steve Kopp, Doug Bird and Tom Glushko.

    Hunt .......

    Job Swaps 28 July 2017

  • Euro secondary staves off summer

    The European securitisation secondary market has not yet quite shutdown for summer with a pick-up in activity seen yesterday.

    For the first time in a while more than minimal secondary activity was seen across ABS/MBS sectors yesterday. A mixture of the slowing primary market and final pre-August positioning drove increased trading from both investors and the Street.

    The session saw a flurry .......

    SCIWire 27 July 2017

  • Bond classification trends eyed

    Banks have favoured adding hold to maturity (HTM) bonds to their portfolios in recent years. However, new FASB accounting rules are set to allow prepayable assets to qualify for hedge accounting, which could see bank demand increase for available for sale (AFS) agency RMBS and CMBS securities.

    Strong deposit inflows have resulted in increased bank demand for both HTM and .......

    News 24 July 2017

  • Job swaps round-up - 21 July

    Acquisitions

    BGC Partners     has acquired commercial real estate finance company Berkeley Point Financial for US$875m, subject to certain adjustments at closing. Berkeley Point focuses on the origination and sale of multifamily and other CRE loans through government-sponsored and government-funded loan programmes, as well as the servicing of CRE loans, including those it originates. The company is set to become part of .......

    Job Swaps 21 July 2017

  • Unusual Austrian CMBS readied

    An unusual CMBS has begun marketing (see SCI's deal pipeline). NOE Verwaltungszentrum-Verwertungsgesellschaft represents a credit tenant-lease transaction, backed by a lease with the State of Lower Austria, incorporating supplemental structural features to mitigate certain limitations of the lease agreement under Austrian law.

    A Sfr475m A tranche will be offered to investors. Moody's has provisionally rated the notes at .......

    News 21 July 2017

  • Job swaps round-up - 14 July

    North America

    Mortgage Capital Trading has hired Bill Berliner to the newly created role of director of analytics. He was previously mortgage community manager at Thomson Reuters.

    BlueMountain Capital Management has hired Lee Kempler as coo for investments. He was previously md at Blackrock.

    FS Investments has hired Michael Carter as evp, head of strategy. He will be based in .......

    Job Swaps 14 July 2017

  • Mall-backed CMBS defies retail concerns

    JPMorgan and Column Financial are in the market with a US$150m CMBS. West Town Mall Trust 2017-KNOX is backed by a commercial mortgage loan secured by the largest enclosed mall in Tennessee.

    The transaction is sponsored by a subsidiary of Simon Property Group, which co-owns the West Town Mall property with a subsidiary of Teachers Insurance and Annuity Association of .......

    News 13 July 2017

  • Grocery-backed CMBS prepped

    Citi and Morgan Stanley are in the market with an unusual US$706.7m CMBS sponsored by Madison International Realty and DDR. Dubbed CGMS 2017-MDDR, the transaction is backed by three separate loans, each secured by a portfolio of predominantly grocery-anchored retail properties located across nine US states.

    Unusually, the loans are not cross-collateralised or cross-defaulted. As a result, payments and losses .......

    News 10 July 2017

  • Job swaps round-up - 7 July

    North America

    Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on structured insurance and reinsurance transactions. He was previously counsel at Drinker Biddle & Reath.

    Cadwalader has hired Peter Morreale as partner in the capital markets team in the Washington, DC office. He was previously at Goldman Sachs, where he was md and associate general .......

    Job Swaps 7 July 2017

  • CMBS green bond debuts

    Natixis has issued the first-ever 'green' tranche in a CMBS, in collaboration with Ivanhoe Cambridge and Callahan Capital. The US$72m bond was incorporated in the recent CSAIL 2017-C8 transaction and refinanced part of the US$358.6m fixed-rate first mortgage loan provided by Natixis to Ivanhoe Cambridge for the acquisition of the 85 Broad Street building in New York.

    Natixis commissioned an .......

    News 6 July 2017

  • Early redemption for Annington CMBS

    The Annington Group is set to refinance its capital structure, after investors passed an extraordinary resolution last week allowing the firm to redeem its Annington Finance No. 1 and No. 4 CMBS. The move is designed to take advantage of favourable market conditions and is expected to reduce the firm's borrowing costs.

    Annington is proposing to replace the outstanding £168.86m .......

    News 4 July 2017

  • Further Sears closures threatens CMBS

    Sears is set to terminate its master lease at 20 unprofitable locations owned by Seritage Growth Properties and vacate the properties in October (SCI 7 April 2015). The move could adversely affect about US$550.4m of loans in associated CMBS.

    The stores are part of the collateral for the US$925m Project Madison loan, securitised in JPMCC 2015-SGP (see SCI's CMBS loan .......

    News 3 July 2017

  • Job swaps round-up - 30 June

    North America

    Alexander Popov has joined Carlyle Group as md to lead the credit opportunities business within the firm's global credit platform. Popov was previously md with HPS Investment Partners, formerly known as Highbridge Principal Strategies, and before that was svp at Oaktree Capital Management.

    Funding Circle has hired Joanna Karger as US head of capital markets. She has extensive .......

    Job Swaps 30 June 2017

  • GSE SFR deal 'first of its kind'

    The Fannie Mae Grantor Trust 2017-T1 single-family rental securitisation from April was the first transaction backed entirely by institutionally-owned SFR properties (see SCI's primary issuance database). The transaction has several features not found in typical private SFR securitisations, according to Moody's.

    Fannie Mae guarantees the US$944.5m class A notes on the transaction, which is backed by a 10-year US$1bn .......

    News 29 June 2017

  • Euro secondary solid

    The European securitisation secondary market remains solid despite distractions from primary and month-end.

    "As has been the case over the past few weeks people are focused on primary, but secondary is still ticking over this week," says one trader. "Over the past couple of days we've seen a number of bid lists going through and trading at decent to very good levels."

    The .......

    SCIWire 29 June 2017

  • Houston lodging loans plagued by oversupply

    Of all US CMBS loans secured by lodging properties, 10% are exposed to an elevated level of credit risk, with risks highest in Houston, Texas, according to KBRA. The rating agency has designated 255 loans it monitors as loans of concern, due to multiple underlying negative credit factors, such as low DSCR, declines in average occupancy, delinquency or transfer to .......

    News 28 June 2017

  • 'Novel' single-borrower CMBS prepped

    Blackstone is marketing an unusual US$536m single-borrower CMBS. Dubbed IMT Trust 2017-APTS, the transaction is collateralised by a first lien fixed- and floating-rate mortgage loan on 11 multifamily properties totalling 4,488 units, located in Texas, Florida and California.

    The US$536m mortgage loan comprises two pari passu components: a US$268m floating-rate element, with an initial term of two years and a .......

    News 28 June 2017

  • Euro secondary steps up

    Activity has started to step up across the European securitisation secondary market following an extended series of relatively quiet sessions.

    Flows continue to be thin, though there have be patches of increased activity seen in a variety of sectors since the end of last week and into this. At the same time, rotation activity combined with month- and half-end positioning .......

    SCIWire 27 June 2017

  • Freddie launches tax-exempt loan series

    Freddie Mac has launched a new series of credit risk transfer securities backed by tax-exempt loans (TELs) made by state or local housing agencies and secured by affordable rental housing. The first issuance has already priced and includes around US$292m in ML certificates backed by TELs on 25 properties.

    The FRETE 2017-ML01 certificates are backed by the TELs. There are .......

    News 16 June 2017

  • Treasury reports on regulatory impact

    The US Treasury has issued a first report in a series regarding regulation of the financial system in a manner consistent with an executive order issued by President Trump back in February. The report addresses the regulation of the depositary system and makes several findings and recommendations which could impact the future regulation of securitisations.

    The report criticises certain regulatory .......

    News 15 June 2017
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