CMBS

  • Academy adds structured products pair

    Academy Securities has made two additions to its structured products group, poaching Steve Kenney and Pierce Derkac from CapRok Capital. They will focus on multiple asset classes within structured products, including RMBS, CMBS, ABS, CDOs and CLOs.

    Kenney and Derkac join as svps. Kenney was a senior member of the sales and trading team within securitised products and special situations .......

    Job Swaps 31 January 2017

  • Euro secondary sluggish

    Activity across the European securitisation secondary market remains sluggish.

    After a small pick-up in activity on Wednesday and Thursday, last week closed with volumes easing and has opened this in similar fashion thanks to a combination of wider market volatility and month-end. Nevertheless, sentiment remains positive across securitisation secondary and BWICs when they do appear continue to trade strongly, which .......

    SCIWire 31 January 2017

  • Loan drops level off

    KBRA has examined how the composition of US CMBS conduit pools changed over the course of the rating process based on an analysis of the 2013 through 2016 vintages. The results show that overall transactions continued to experience meaningful pool changes during the rating process last year.

    Nearly a quarter of the transaction balance (24.3%) changed last year, due to .......

    News Round-up 30 January 2017

  • Land Securities tap prepped

    Land Securities Capital Markets is expected to issue two additional classes of notes, the proceeds of which will be used to purchase a portion of the existing class A3, A4, A5 and A10 notes. Provisionally rated double-A by Fitch, the new class A12 and A13 notes will be issued under the SPV's £6bn multi-currency issuance programme, with which they will .......

    News Round-up 27 January 2017

  • L-shaped retention debuts

    Citi and Deutsche Bank are in the market with CD 2017-CD3, the first conduit CMBS to comply with the US risk retention rules by employing an 'L-shaped' structure. The US$1.3bn deal - rated by Fitch, KBRA and Moody's - is collateralised by 52 commercial mortgage loans secured by 59 properties.

    On the securitisation closing date, affiliates of the transaction sponsors .......

    News 24 January 2017

  • Euro secondary still seeks supply

    Demand continues to outstrip supply in the European securitisation secondary market.

    Tone remains positive across the board and investor appetite is still strong in every sector. However, there continues to be next to no supply via BWICs or new issuance. Consequently, when auctions do appear they trade exceptionally well and are keeping spreads flat to slightly tighter.

    There is currently .......

    SCIWire 24 January 2017

  • CMBS pro named president

    ReadyCap Commercial has named Anuj Gupta as president, responsible for loan originations, affinity relationships, capital markets, credit and asset management. He has played an active role in the firm since 2013 and will now join the executive management team full-time.

    Gupta has more than 20 years of experience in commercial real estate lending, having previously led CRE capital markets and .......

    Job Swaps 23 January 2017

  • CRE lawyer promoted

    Sutherland has elected three new partners and nine new counsel to the firm. One of the new counsel - Brooke Parris - has securitisation expertise.

    Based in Atlanta, Parris represents lenders, servicers, developers and pension fund advisers in various aspects of real estate finance and development. She devotes significant time advising clients on structured finance and real estate finance (including .......

    Job Swaps 20 January 2017

  • Investment grade loss for CMBS 2.0

    The US CMBS 2.0 market has seen its biggest loss to date, following the liquidation of the US$48.9m Hudson Valley Mall loan - securitised in CFCRE 2011-C1 - at an 80.4% severity on the US$52.4m original balance. The loss forced full write-downs on the NR, G and F classes, while the triple-B minus rated E tranche absorbed a US$7.2m hit.

    News 20 January 2017

  • Euro ABS/MBS accelerates

    Activity has accelerated in the European ABS/MBS secondary market after a slow start to the week.

    The continuing strong tone and investor cash reserves continue to fuel demand for paper, which has generated increased bilateral trading in most sectors over the past two sessions. At the same time, BWIC volumes remain low as sellers keep their powder dry, while the .......

    SCIWire 19 January 2017

  • Net negative

    GSE reform could have widespread impact

    Privatisation of Fannie Mae and Freddie Mac could have widespread negative consequences for the US RMBS and CMBS markets, as well as on availability of credit for the housing market. Encouraging private label issuance to step in as the GSEs scale back remains a significant challenge.

    Treasury Secretary designate, Steven Mnuchin, recently stated that Fannie Mae and Freddie Mac should .......

    News Analysis 19 January 2017

  • RFC issued on IO approach

    DBRS is requesting comment on its proposed stand-alone methodology for rating North American CMBS interest-only certificates issued via multi-borrower conduits, as well as agency, single-asset/single-borrower, CRE CLO and re-REMIC deals. It reflects a movement from rating these certificates using their position in the waterfall to rating the referenced notional amount to account for a decline in payments as the transaction .......

    News Round-up 18 January 2017

  • Euro secondary slow

    It's been slow start to the week so far for the European securitisation secondary markets.

    Participants look to have taken the opportunity of the US public holiday yesterday to catch their breath and there was little movement in terms of trading or levels. However, tone remains very strong across the board and volumes are likely to pick up as the .......

    SCIWire 17 January 2017

  • Multifamily drives delinquencies down

    Fitch reports that US CMBS delinquencies closed out 2016 at US$12.1bn, down 21% by balance from year-end 2015. The overall delinquency rate finished last year at 3.34%, up 5bp from the previous month but down 68bp from 4.02% one year ago, according to the agency's latest index results for the sector.

    The drop in delinquencies is primarily attributable to portfolio .......

    News Round-up 16 January 2017

  • Rare mod for 2014 loan

    The US$8.7m Black Gold Suites Hotel Portfolio loan, securitised in COMM 2014-UBS6, has been modified. The loan was sent to special servicing early last year.

    The modification provides some rate relief, under which the borrowers will pay 2% for the next few months, 3.5% for a year after that and 5.6% thereafter. The loan will also become an interest-only note.

    News Round-up 13 January 2017

  • CMBS defaults, delinquencies diverge

    The 12-month rolling loan maturity default rate for European CMBS rated by S&P increased from 21.8% to 22.2% in December. The overall senior loan delinquency rate decreased from 54.7% to 53.7%.

    The delinquency rate for continental European senior loans decreased from 67.9% to 67.1%. The rate for UK loans decreased from 34% to 32.7%.

    .......

    News Round-up 13 January 2017

  • Co-working exposure gauged

    Co-working is expected to play an increasingly significant role in commercial real estate, posing challenges to underwriting and valuation standards for the CMBS market. Morningstar Credit Ratings notes that while loans with exposure to co-working currently account for a small portion of the US CMBS universe, their share could rise as the business evolves.

    Co-working companies lease roughly 1.2 million .......

    News 13 January 2017

  • Sub debt raises CMBS defaults

    The more subordinate debt US CMBS senior loans carry, the more likely they are to default, especially for multifamily and retail properties, according to Fitch. In a recent analysis of over 24,000 CMBS 1.0 conduit loans issued between 2003 and 2008, approximately 1,000 (4%) had subordinated debt at the time of issuance and these were 60% more likely to default .......

    News Round-up 10 January 2017

  • CMBS pay-offs continue slide

    The percentage of US CMBS loans that paid off on their balloon date slid sharply in December to just 58.4%, says Trepp. The November level had been 66.8% and December's reading is the lowest level posted since July.

    The December total also undershoots the 12-month moving average, which is 66.2%. By loan count, rather than balance, 66.8% of loans paid .......

    News Round-up 10 January 2017

  • Euro secondary sporadic

    Activity remains sporadic across the European securitisation secondary market.

    ABS/MBS continues to be as quiet as it was into year-end with only a few flash BWICs and patchy bilateral trading in major names being seen over the past week. However, positive sentiment and pent-up demand mean that spreads remain flat to slightly narrower in the year so far.

    CLOs have .......

    SCIWire 10 January 2017

  • FVO purchases jump

    Fitch reports a significant increase in the number of defaulted US CMBS loan purchases through fair value options (FVOs) since it last examined such activity in 2011. In the five-year period beginning in 2012, 79 FVOs were exercised, versus the 11 FVOs exercised in the 10-year period that the agency previously studied from 2001 to 2011.

    Fitch found that the .......

    News Round-up 9 January 2017
×