CMBS

  • CMBS A/B mod considered

    The US$47.5m Herndon Square Office Park loan securitised in CGCMT 2007-C6 appears set for a modification with an A/B split, based on October special servicer comments. An A/B modification has been offered by the borrower and is currently being negotiated.

    Trepp notes that the value of the collateral behind the loan was sharply reduced last month. The loan was sent .......

    News Round-up 27 October 2016

  • Euro ABS/MBS quiet

    This week has continued to be slow across the European ABS/MBS secondary market.

    "There's nothing going on," says one trader. "UK half-term means a lot of people are out this week and anyone who is here will be looking at primary where there are few interesting deals marketing."

    Secondary supply has been more limited than in recent weeks, the trader .......

    SCIWire 27 October 2016

  • Servicer performance scrutinised

    A new Morningstar Credit Ratings study of aggregated consent-processing times of four large-volume US CMBS master servicers - Wells Fargo Commercial Mortgage Servicing, Midland Loan Services, KeyBank and Berkadia Commercial Mortgage - indicates that amid substantial request volume, their average completion times during the past few years have been fairly constant and even quicker in some periods. However, CMBS servicers .......

    News 26 October 2016

  • Aussie CMBS has RMBS elements

    Think Tank Group is in the market with a CMBS deal which includes features more typically found in RMBS. Think Tank Series 2016-1 Trust is a securitisation of loans to commercial borrowers secured by mortgages over commercial or residential properties originated by Think Tank Group.

    S&P has provisionally rated the A$130m A1 notes and A$17m A2s at triple-A. The A$1.6m .......

    News Round-up 26 October 2016

  • CMBS conduit loan credit quality up

    The credit quality of conduit loans backing US CMBS deals improved in 3Q16, notes Moody's. Conduit loan leverage dipped around 1%, while the share of collateral pools made up of loans credit assessed as investment grade doubled to 13%.

    "Leverage for the conduit portion of loan pools dipped about 1% in the third quarter, while the share of investment-grade quality .......

    News Round-up 25 October 2016

  • Replacement chairman named

    RAIT Financial Trust has separated its offices of chairman and ceo, which were previously both held by Scott Schaeffer. The REIT's board has elected Michael Malter to succeed Schaeffer as chairman.

    Malter joined the board in November 2015 and currently serves on the risk management committee and the compensation committee. He also chairs the special committee that was responsible for .......

    Job Swaps 25 October 2016

  • Euro secondary starts slow

    It was a slow start to the week in the European securitisation secondary market, but a large CDO liquidation should generate some interest today.

    Yesterday was quiet across the board thanks to an element of supply fatigue as the well-established pattern of primary focus linked to flurries of BWICs continued into the end of last week and was met with .......

    SCIWire 25 October 2016

  • Large loss recorded

    The One HSBC Center property - securitised in GSMS 2005-GC4 - has been sold for US$14.4m, equating to a loss of 109% on the US$73.3m loan balance, including fees, expenses and advances. The loan has been in special servicing since November 2013, after transferring for imminent default (see SCI's CMBS loan events database).

    Fitch notes that the property's .......

    News Round-up 24 October 2016

  • CMBS maturity outcomes anticipated

    US$119bn in outstanding performing commercial mortgage loans backing CMBS will mature by the end of 2018, says S&P, with around 77% of this concentrated in 2017. The rating agency has assessed the outcomes of the US$284bn by original balance worth of loans that have already resolved in 2014, 2015 and 2016 so far to provide a benchmark for potential performance .......

    News Round-up 21 October 2016

  • Credit metrics improving

    S&P reports that credit metrics for conduit/fusion CMBS pools improved in several areas during Q3, compared with the first half of the year. However, the agency notes a slight upward trend in loss severities since the beginning of 2016, which is expected to continue as the large amount of CMBS maturities due in 2017 are worked through.

    In Q3, the .......

    News Round-up 20 October 2016

  • New standard to drive transparency?

    A new Mortgage Industry Standards Maintenance Organization (MISMO) XML commercial rent roll standard is due to be released by the end of the month. As the CMBS industry grapples with the Dodd-Frank Act and transparency issues, some believe that including such files in investor disclosures pre- and post-securitisation is the most important remaining step issuers could take.

    Rent roll information .......

    News 20 October 2016

  • Euro secondary unmoved

    The European securitisation secondary market remains unmoved by continuing strong new issue volumes.

    The primary market is still attracting the majority of focus, but secondary continues to tick over with pockets of trading throughout euro and sterling ABS, CLOs and MBS. An overall slight buying bias is ensuring that tone remains positive and secondary spreads are unchanged across the board .......

    SCIWire 20 October 2016

  • SFR deal's unique structure assessed

    The unique structure of Amherst's inaugural single-family rental securitisation (SCI 6 October) presents specific risks regarding alignment of interest, says Moody's. The rating agency believes this may be partially mitigated by a strong property management agreement and the expertise of Amherst affiliate Main Street Renewal (MSR).

    Amherst will not retain any interest in the issued securities of AMSR 2016-SFR1 Trust .......

    News Round-up 19 October 2016

  • CMBS reporting platform launches

    DBRS has released a new CMBS reporting platform. Dubbed IReports, the loan-level reporting platform provides users with access to presale reports, surveillance updates, transaction information and contextual data.

    Presale reports for each DBRS-rated US and Canadian CMBS conduit transaction will be available on IReports at issuance, with ongoing surveillance analysis and commentary as the transaction seasons. Registration and access to .......

    News Round-up 18 October 2016

  • Euro secondary patterns persist

    Trading patterns in the European securitisation secondary market seen towards the end of last week are continuing into this.

    The primary market remains the main focus, but flurries of BWICs continue to bolster secondary activity. A few DNTs aside, line items in all sectors and parts of the capital structure continue to trade well. Despite some skittishness in broader markets secondary .......

    SCIWire 18 October 2016

  • Private markets platform prepped

    Man Group is set to acquire the entire issued share capital of Aalto Invest Holding and launch Man Global Private Markets (GPM), forming the firm's private markets offering. The aim is to provide clients with access to longer-term investments with a complementary risk-reward profile to the firm's current product suite.

    Aalto is a US and Europe-based real asset-focused investment manager, .......

    Job Swaps 14 October 2016

  • ACICS hit highlighted

    Morningstar Credit Ratings believes that the US Department of Education's termination of its recognition of the largest accrediting agency of for-profit colleges - the Accrediting Council for Independent Colleges and Schools (ACICS) - intensifies default risk on US$400.6m of CMBS. Overall, 19 CMBS loans with an allocated property balance of US$549.5m have exposure to for-profit colleges that are accredited by .......

    News Round-up 13 October 2016

  • Deutsche opts for horizontal slice

    The first-ever risk retention-compliant single-borrower CMBS has hit the market. The US$214m COMM 2016-667M is secured by a first lien on the borrower's fee interest in 667 Madison Avenue, a 25-story office building in Midtown Manhattan's Plaza District submarket.

    The trust loan is part of a US$254m whole loan, of which the seller (German American Capital) is retaining US$40m as .......

    News Round-up 13 October 2016

  • Euro ABS/MBS active

    The European ABS/MBS secondary market is staying active this week.

    "The busy primary market is taking a lot of attention, but there's still a lot of activity in secondary," says one trader. "That activity mainly surrounds bid lists where we're seeing bonds from all sectors and up and down the capital structure. For the most part those lists are being .......

    SCIWire 13 October 2016

  • Pari passu loans proliferating

    A combined US$64.1bn (original balance) of pari passu loans have been issued across single-asset/single-borrower (SASB) and conduit CMBS 2.0 deals, according to Deutsche Bank figures. US$52bn of the loans were securitised in conduit CMBS and account for 20% of total US CMBS volume since 2010.

    "Smaller deal sizes - declining from US$1bn-plus to US$854m in 2016 - have coincided with .......

    News 12 October 2016

  • Hurricane Matthew exposure eyed

    KBRA has identified 1,307 properties that secure 1,016 loans with an aggregate allocated loan balance of US$14.5bn across 157 CMBS that have exposure to Hurricane Matthew. Almost 90% of the properties were located in Florida (accounting for 59%), North Carolina (18%) and South Carolina (12%).

    To identify the potentially affected CMBS collateral, KBRA queried its database of rated CMBS transactions, .......

    News Round-up 12 October 2016
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