CMBS

  • Euro CRE rates vulnerability 'increasing'

    Continued yield compression is expected next year in the European commercial property market, which should also see declining debt yields. That has been the case in 2015, increasing borrowers' vulnerability to future interest rate increases.

    Yields in prime UK commercial properties are expected to stabilise. Prime yields are already below 2007 peak levels in some European markets, which increases the .......

    News Round-up 15 December 2015

  • Euro secondary hangs on

    European securitisation secondary spreads are mostly hanging on despite increasing broader market volatility but there are some signs of softening.

    In the end, a handful of BWICs emerged yesterday and provided the main focus. However, the highlight, a double-B CLO list, for the most part did not trade. The covers released indicated spread widening in the sector, though the trend .......

    SCIWire 15 December 2015

  • CRE pro moves on

    Linda Gorbenko has joined Arbor Commercial Mortgage as director. In this role, she is responsible for originating commercial financing across the firm's loan product offering, including FHA, Fannie Mae, Freddie Mac, CMBS, bridge, mezzanine and preferred equity.

    Prior to her move, she was an executive director at CIBC, where she originated short- and long-term, fixed and floating rate CMBS. She .......

    Job Swaps 14 December 2015

  • LatAm outlook 'mixed'

    Fitch's outlook for Latin American structured finance in 2016 is mixed across sectors. Stable and positive rating outlooks for the region have dropped to 81% from 90% last year.

    The agency says that consumer ABS continues to be a better performing asset class, as adequate levels of credit enhancement and structural features continue to protect against deteriorating macro conditions. Delinquencies are expected to .......

    News Round-up 14 December 2015

  • SF practice strengthened

    DLA Piper continues to build its financial markets practice with the appointments of Vincent Keaveny, formerly head of structured capital markets and a partner at Baker & McKenzie, and Mark Dwyer, formerly a partner at Slaughter and May. The firm has made other significant hires across Europe this year including Okko Behrends, who joined the team in Germany from Latham .......

    Job Swaps 14 December 2015

  • Mixed-use leads CMBS resolutions

    US CMBS loan delinquencies fell by 21bp in November to 4.16% from 4.37% a month earlier, according to Fitch's latest index results for the sector. The dollar balance of late-pays fell by US$696m to US$15.7bn from US$16.4bn in October.

    November resolutions of US$1bn were nearly triple the amount of new delinquencies of US$325m. In addition, Fitch-rated new issuance volume of .......

    News Round-up 14 December 2015

  • Euro secondary stays slow

    It was, as anticipated, another quiet day in the European securitisation secondary market on Friday and today looks likely to be little different.

    Year-end liquidity thinning continues to hold sway across all sectors. However, market tone remains positive despite broader credit weakness and secondary spreads are generally holding up.

    There are currently no BWICs on the European schedule for today.

    .......

    SCIWire 14 December 2015

  • Real estate lender bulks up

    John Maute and Jon Barlow have been appointed to Money360's board of directors. The pair were the sole founders of the company's recent US$2.5m series A funding round and are expected to aid plans to expand Money360's infrastructure and further its national expansion.

    Maute has over 30 years' experience in real estate and was managing director at Situs Holdings (formerly .......

    Job Swaps 11 December 2015

  • Euro secondary slowdown

    The end of year slowdown in the European securitisation secondary market looks to be increasing.

    Flows were generally light again yesterday as year-end liquidity thinning becomes increasingly evident. Consequently, spreads moved very little. CLO BWICs once again dominated the day with most bonds trading flat to slightly lower than recent prints.

    Then at 14:30 is an eight line 47.25m mixed .......

    SCIWire 11 December 2015

  • Remits ramp up

    November saw a spike in US CMBS 2.0 remittance activity. Highlights include foreclosure of an 'oil boom' loan and a couple of maturity extensions.

    Twelve loans totalling US$128.89m became newly delinquent last month, including three 2015 vintage loans (with two from JPMBB 2015-C3), according to Morgan Stanley. Additionally, two loans were classified as non-performing matured - the US$24m Woodlands Square .......

    News 10 December 2015

  • SB offering innovates again

    Freddie Mac has priced its largest small balance loan offering to date and the first to include collateral from multiple lenders. The GSE will provide approximately US$400m in SB9 Certificates, which are anticipated to settle on 22 December.

    Freddie is guaranteeing four classes of senior notes issued by FRESB 2015-SB9 Mortgage Trust and is acting as mortgage loan seller and master .......

    News Round-up 10 December 2015

  • Japanese credit outlook 'strong'

    The credit quality and performance of Japanese ABS, RMBS and CMBS should remain strong in 2016, says Moody's. A supportive job market will be key in underpinning high credit quality.

    The credit quality of collateral in new consumer-related Japanese ABS - such as auto loan, instalment sales and credit card ABS - will remain strong next year, reflecting supportive labour market conditions, .......

    News Round-up 10 December 2015

  • US outlook stable with caveats

    The outlook for US structured finance is stable to positive overall next year, says Fitch. However, the rating agency notes that certain subsectors bear watching for signs of trouble.

    Over 87% of Fitch's rating outlooks remain either stable or positive heading into 2016 as collateral quality remains excellent, with solid performance metrics and robust structural protections. "That said, it is .......

    News Round-up 10 December 2015

  • Euro secondary mixed

    It's turning into a typically quiet December across most of the European securitisation secondary market, but there is some healthy activity in a couple of sectors.

    "The secondary market is still holding up quite well despite broader credit concerns," says one trader. "Flows in general are very quiet, but we are continuing to see strong activity in some sectors via BWICs."

    SCIWire 10 December 2015

  • CPPI continues upwards trend

    The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 0.4% in October, extending its streak of double-digit annualised gains to 33 months. Central business district (CBD) continues to be the best performing segment.

    "The price recovery has been under way for more than five years, but is getting long in the tooth," says Moody's CRE research .......

    News Round-up 9 December 2015

  • CMBS liquidations nudge up

    Total US CMBS loan dispositions rose slightly in November, but still came in below the US$1bn mark, notes Trepp. Average loan size declined from US$16.1m in October to US$13.1m in November.

    There were 72 loans - totalling US$941.9m - liquidated with a loss in November. Of these, five - totalling US$59.6m - were hit with losses greater than 100%, while .......

    News Round-up 9 December 2015

  • Euro ABS/MBS stable

    The European ABS/MBS secondary market remains stable amid wider market volatility.

    "Overall our market is generally OK," says one trader. "ABS/MBS is still well insulated from the weakness in broader markets."

    The trader continues: "We're continuing to see a strong bid for UK non-conforming and buy-to-let. Meanwhile, the rest of the market appears to be well supported and spreads are .......

    SCIWire 9 December 2015

  • Space for rent

    Multi-borrower SFR segment set for growth

    Of the 26 single-family rental securitisations issued since the market's inception - totalling US$14bn - only three have been multi-borrower deals. However, a significant shift in issuance is underway.

    Invitation Homes 2013-SFR1 was the first-ever SFR deal, debuting two years ago (SCI 1 November 2013). One consequence of the strides the sector has made since then is that the established .......

    News Analysis 9 December 2015

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date fell modestly last month to 76%, less than a point below the October number and above the 12-month moving average of 68.1%, according to Trepp. By loan count as opposed to balance, 77.1% of loans paid off in November.

    On this basis, the pay-off rate was above October's .......

    News Round-up 8 December 2015

  • StuyTown gets FNMA funding

    Fannie Mae is set to provide a US$2.7bn loan to help finance the acquisition of Stuyvesant Town/Peter Cooper Village after a recent surprise agreement was reached to sell the property (SCI 21 October). The financing of the sale will come through an affiliate of Blackstone securing the loan from Wells Fargo Multifamily Capital - a Fannie Mae-delegated underwriting and servicing (DUS) lender. The loan will be a 10-year, low-levered commitment.

    Fannie .......

    News Round-up 8 December 2015

  • Final 2015 CMBS auctions announced

    The volume of US CMBS loans out for auction has decreased slightly this month, to US$190m. The deals with the highest exposure are BACM 2006-2, BACM 2006-5 and MLMT 2006-C1.

    BACM 2006-2 has US$93m from five properties and one note due for auction. Of the US$190m, Barclays analysts note that the bidding process has already been completed for US$53m, although .......

    News 8 December 2015
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