CMBS

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • Hotels drive delinquency improvement

    US CMBS delinquencies finished 2015 down by 17% by balance from year-end 2014, according to Fitch's latest index results for the sector. The overall delinquency rate stood at 4.02% for the year, lower by 14bp from the previous month and by 60bp from a year ago. This is the lowest level seen since October 2009.

    CMBS delinquencies finished 2015 at .......

    News Round-up 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • CMLT 2008-LS1 liquidations progress

    Based on its monthly review of the CMLT 2008-LS1 CMBS, KBRA notes that four REO assets underlying the transaction were up for bid in online auctions in December, three of which sold and one failed to trade. A total of 28 assets securing the transaction have now been auctioned since September.

    These assets include 26 REO properties and two specially .......

    News Round-up 8 January 2016

  • Pay-offs hit 12-month low

    The percentage of US CMBS loans paying off on their balloon date fell sharply in December, posting their lowest reading since December 2014, according to Trepp. Last month's reading is 52.1%, over 20 points below the November number and well below the 12-month moving average of 68.3%.

    By loan count as opposed to balance, 66.2% of loans paid off in .......

    News Round-up 8 January 2016

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016

  • Trading head replaced

    Jim Buccola has taken over the responsibilities of CMBS and CLO trading for Credit Suisse, following the departure of previous head Chris Callahan. Buccola's role expands from his current role as head of private mortgage trading for the bank.

    .......

    Job Swaps 8 January 2016

  • Annaly beefs up

    Annaly Capital Management has promoted five senior officers, added three to its management team and expanded its operating committee.

    The promotions include the appointment of David Finkelstein as cio, agency and RMBS. He is also a member of Annaly's operating committee.

    Timothy Coffey has been promoted to chief credit officer, overseeing the expanded risk management team for Annaly's three investment .......

    Job Swaps 8 January 2016

  • Underwriting tool offered

    CrediFi Corp has launched what it describes as an end-to-end CMBS solution that provides valuable insights into deals and their performance. Dubbed CrediFi CMBS Suite, the tool is designed to help lenders discover more lending opportunities across CMBS and non-securitised loans.

    The CMBS Suite platform provides users with property details, comparables and built-in mapping technology, enabling more informed and fluid .......

    News Round-up 7 January 2016

  • DCM duo drafted in

    Cantor Fitzgerald has appointed Kevin Reynolds and Timothy Swift to lead its debt capital markets origination team. The pair join from Cowen and Company.

    Reynolds joins as md and will be responsible for bringing new issue debt products and developing a distribution-driven banking and financing practice for corporate issuers. He was head of capital markets origination at Cowen and has .......

    Job Swaps 7 January 2016

  • Distressed debt vet enlisted

    Cerberus Capital Management has appointed David Abrams as senior md of Cerberus UK Advisors. He will be based in London and focus on unique and compelling distressed opportunities in emerging markets, Europe and other sectors of interest.

    Abrams was most recently at Apollo Management, where he was the managing partner of the Apollo European Principal Finance Funds franchise. He has .......

    Job Swaps 7 January 2016

  • EM credit team spins off

    Argentem Creek Partners has completed a management buyout from Black River Asset Management. Argentem Creek is staffed by Black River's former emerging markets credit investment team and will focus on serving institutional investors.

    The new entity is employee-owned and led by ceo and cio Daniel Chapman, president and coo Charles Friedberg and global head of business development Angela Samfilippo Gorder. .......

    Job Swaps 7 January 2016

  • Macy's exposure gauged

    Macy's has announced 36 new store closures as part of a cost-reduction plan. Morgan Stanley CMBS strategists identify 10 loans totalling US$501m across 11 CMBS that have exposure to the closures.

    The largest loan by allocated balance with exposure is the US$79.3m Valley Mall, securitised in JPMCC 2006-LDP6. Four of the loans with exposure - totalling US$142m - are securitised .......

    News Round-up 7 January 2016

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016

  • Sukuk market to shrink

    The global sukuk market will remain below peak levels in 2016, says S&P, as the market's historic largest issuer has ceased issuing. Total annual issuance is expected to be US$50bn-US$55bn.

    Issuance in 2015 was US$63.5bn, which was down sharply from the US$116.4bn issued in 2014. The decrease can largely be attributed to the central bank of Malaysia - Bank Negara .......

    News Round-up 6 January 2016

  • US CMBS loss severities examined

    While a US CMBS special servicer's expertise may be the main factor in determining the recovery on a defaulted loan, other factors also contribute to the ultimate loss severity. S&P has identified the three fundamental factors as the originator and size of their origination portfolio, the time spent with the special servicer after a loan default and the geographical location .......

    News Round-up 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • North Dakota loans eyed

    Morningstar Credit Ratings is monitoring nearly US$340m of CMBS exposure to the oil-drilling hubs of North Dakota, where drillers have been scaling back in the wake of plunging oil prices. Over the past 24 months, the agency has placed 13 loans - totalling nearly US$125m of this exposure - on its watchlist.

    The loans - originated in 2013 and 2014 .......

    News 5 January 2016

  • CMBS 2.0 remits reviewed

    The balance of delinquent and specially serviced US CMBS 2.0 loans more than doubled year-over-year, while paid-off loans quadrupled, according to Morgan Stanley figures. Over 40% of 2010- to 2014-vintage loans reported 2014 year-end NOIs less than underwritten, although DSCRs remain high.

    The number of delinquent 2.0 loans rose to 35 in December 2015, compared to 17 the year prior, .......

    News 5 January 2016

  • Survey foresees good year for CRE

    Conditions in the US commercial real estate market are expected to remain favourable in 2016, suggests a CREFC survey. Responses to the survey identify ample credit and capital available to meet borrower demand for new loans and refinancings.

    Incrementally rising interest rates are not seen as a significant concern. Rising rates will result in slightly higher borrowing costs, with capitalisation .......

    News Round-up 5 January 2016
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