CMBS

  • 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

  • Mall performance gauged

    Regional mall liquidations amounting to US$3.89bn have since 2010 resulted in US$2.88bn in CMBS losses, or a 74% loss severity, according to Morningstar Credit Ratings. The agency estimates that a further US$3.81bn (or 7.8% of the balance) of loans backed by malls are in special servicing, while US$2.82bn are scheduled to mature through next year, many of which are likely .......

    News 11 October 2016

  • Defaults continue climbing

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe increased to 29.8% from 24.4% at end-September. The delinquency rate for continental European senior loans increased to 67.8% from 63.9%, while the rate for the UK increased to 32.7% from 25.4%. Overall, the senior loan delinquency rate increased to 54.5% from 50%.

    .......

    News Round-up 11 October 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid in the face of strong supply.

    Yesterday was relatively slow thanks to the US public holiday, but last week was busy up until with Friday's close as BWICs across ABS/MBS and CLOs continued to emerge as investors sought to make room for the current hefty amount of new issuance. With much of the .......

    SCIWire 11 October 2016

  • Delinquencies inch up

    US CMBS delinquencies climbed slightly higher last month, largely due to the shrinking denominator, according to Fitch's latest index results for the sector. Loan delinquencies rose by 3bp in September to 3.18% from 3.15% a month earlier.

    Resolutions of US$541m edged out new delinquencies of US$511m. However, delinquencies rose overall due to a US$9bn portfolio run-off that significantly exceeded Fitch-rated .......

    News Round-up 10 October 2016

  • Seller-financed deal debuts

    Amherst is in the market with its inaugural single-family rental securitisation, dubbed AMSR 2016-SFR1 Trust. The US$489.3m transaction - which is backed by a single floating-rate loan secured by mortgages on 4,262 properties owned by Altisource Residential Corporation (RESI) - is noteworthy for its unique structure.

    The securitisation is part of a seller-financed transaction, whereby Amherst sold the properties securing .......

    News 6 October 2016

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • CMBS pay-offs dip

    The percentage of US CMBS loans that paid off on their balloon date in September held steady at 66.9%, slightly below the August level of 68.4% and the 12-month moving average of 67.1%, according to Trepp. By loan count as opposed to balance, 67.5% of loans paid off in September.

    On this basis, the pay-off rate was about five points .......

    News Round-up 5 October 2016

  • Delinquencies reverse course

    The Trepp US CMBS delinquency rate reversed course in September, increasing by 10bp to reach 4.78%. The rate remains 50bp lower than the year-ago level and 39bp lower since the beginning of the year.

    CMBS loans that were previously delinquent but paid off with a loss or at par totalled about US$850m last month. Removing these previously distressed assets from .......

    News Round-up 4 October 2016

  • REIT names new advisor

    Realty Finance Trust has appointed Benefit Street Partners (BSP) as its new external advisor. The combination of the two operations is expected to create a 'one-stop-shop' for commercial real estate owners and brokers.

    The appointment follows a competitive process for selecting a new advisor, which was conducted by a Special Committee of the company's board of directors. In connection with .......

    Job Swaps 3 October 2016

  • CMBS liquidations drop

    US CMBS liquidation volume dropped to US$611.4m in September, while overall loss severity rose by 1.91 percentage points to 50.76%, according to Trepp. During the first three quarters of 2016, 619 conduit loans totalling US$7.6bn were disposed of at an average monthly loss severity of 50.29%.

    Average loan size for September liquidations declined to US$9.4m, falling below the nine-month average .......

    News Round-up 3 October 2016

  • Real estate team poached

    Sidley Austin has added a trio of partners to its real estate practice in New York. Steven Koppel, Aviva Yakren and Adam Verstandig have both national and global experience advising clients in all aspects of real estate private equity and real estate finance, including capital markets lending, community development finance, low-income housing and new market tax credit products, renewable energy .......

    Job Swaps 30 September 2016

  • Indian MBS PTCs surge

    The surge in securitisation activity in India last year has continued into 1Q16, boosted by renewed interest in MBS PTCs, according to a report from Crisil. The agency adds that the general securitisation growth is due to clarity on distribution tax and because of banks shifting to quarterly, rather than annual, assessment of priority sector lending targets.

    Of total issuance .......

    News Round-up 29 September 2016

  • Euro ABS/MBS keeps steady

    It continues to be a steady week in the European ABS/MBS secondary market.

    The run in to month end continues to be a steady if unspectacular one in terms of volumes on- and off-BWIC. Nevertheless, ever-improving macro sentiment this week and a growing new issue pipeline continue to ensure secondary spreads remain firm across the board.

    There are currently three .......

    SCIWire 29 September 2016

  • Internalisation agreement inked

    RAIT Financial Trust has entered into a definitive agreement to sell its subsidiary Independence Realty Advisors - the external advisor of Independence Realty Trust (IRT) - and certain assets of Jupiter Communities to IRT for US$43m in a transaction to permit IRT to internalise its advisor and property management functions. In addition, RAIT has agreed to sell back to IRT .......

    Job Swaps 27 September 2016

  • Euro ABS/MBS starts slowly

    The European ABS/MBS secondary market has started the week slowly.

    Softer broader markets meant a dip in activity across ABS/MBS sectors yesterday. However, they remain insulated from the weaker sentiment elsewhere and secondary spreads generally held firm.

    In contrast, the previous few sessions saw robust activity boosted by a positive response to comments from the Fed. Decent two-way flows, with .......

    SCIWire 27 September 2016

  • IPO plans 'positive' for CMBS

    Officefirst Immobilien's plans for an IPO on the Frankfurt Stock Exchange before year-end are credit positive for the €468m Taurus 2015-2 DEU CMBS, says Moody's. Officefirst intends to use the proceeds primarily to repay existing debt, but also to convert into a REIT next year.

    The IPO and deleveraging plans would lower refinancing risk for the loan securing Taurus 2015-2 .......

    News Round-up 26 September 2016

  • Monthly CMBS payoffs down

    While payoff rates for CMBS are up for August to 71.3%, from 62.7% in July, they remain below 72% for the fourth month in a row, according to Morningstar Credit Ratings. In a recent report the rating agency finds that while there was a monthly increase, the year-to-date payoff rate for CMBS declined from 76% to 75.4% last month.

    Morningstar expects .......

    News Round-up 26 September 2016

  • Quarterly CMBS prepayments up

    CMBS prepayments have seen an uptick in 3Q16 due to sustained low interest rates and expectations of a rate rise, according to Fitch. The rating agency suggests that this trend is likely to continue into 4Q16.

    Fitch finds that nearly US$18.2bn of loans securitised in legacy conduit transactions between 2006 and 2007 were paid off in 3Q16. Of these, 73% were loan .......

    News Round-up 26 September 2016

  • CMBS loan collateral value drops

    The value of the collateral behind the US$57.5m PNC Corporate Plaza loan has reduced sharply, notes Trepp. The servicer had previously been posting the securitisation value of US$78.4m, but last month that was reduced to US$37.5m.

    The property is a 29-storey office building in Louisville, Kentucky, built in 1972 and renovated in 2003. It is collateralised in WBCMT 2007-C30.

    PNC .......

    News Round-up 23 September 2016

  • Bank shuffles SF pros

    Credit Suisse has made a series of changes to its asset finance team, with a number of structured finance pros changing roles. Among the changes, Jay Kim has been promoted to global head of structured products.

    Kim's promotion follows the appointment of Brian Chan, former co-head of credit and securitised products, to the firm's board with the new role of .......

    Job Swaps 23 September 2016
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