CMBS

  • MassMutual affiliates to merge

    Babson Capital Management, its subsidiaries Cornerstone Real Estate Advisers and Wood Creek Capital Management, and Baring Asset Management are set to combine under the Barings brand. The combination creates a global multi-asset investment management firm with over US$260bn of assets under management, offices in 20 countries and over 1,700 professionals.

    The firm will be led by Tom Finke, current chairman .......

    Job Swaps 11 March 2016

  • ECB looks to provide boost

    A new set of measures announced by the ECB could boost ABS supply. The central bank is launching a second TLTRO programme, expanding QE and cutting rates.

    The ECB's deposit rate has been cut by 10bp to -0.4%. Its main refinancing rate has been cut by 5bp to zero.

    The TLTRO 2 programme will - in contrast to the first TLTRO .......

    News 11 March 2016

  • AnaCap makes Dutch purchase

    AnaCap Financial Partners and Arrow Global have acquired a portfolio of Dutch residential and commercial mortgages with a face value of €127m. AnaCap also recently acquired a pair of Italian NPL portfolios (SCI 4 March).

    The Dutch portfolio has been acquired by vehicles owned by AnaCap Credit Opportunities III and Arrow Capital. It is AnaCap's first such transaction in the .......

    News Round-up 10 March 2016

  • Pay-off percentage slips

    Trepp reports that the percentage of US CMBS loans paying off on their balloon date slipped modestly in February. Last month's reading is 65.4%, slightly below the January number of 67.2% and close to the 12-month moving average of 68.4%.

    By loan count as opposed to balance, 73.2% of loans paid off in February. On this basis, the pay-off rate .......

    News Round-up 10 March 2016

  • Euro secondary stable

    The European securitisation secondary market remains stable despite signs of an uptick in volume.

    "Yesterday the market was more or less stable despite an increased number of lists," says one trader. "Notably, the large prime RMBS list traded quite well with most of the 24 bonds involved going through in line with recent levels."

    At the same time, the trader .......

    SCIWire 10 March 2016

  • US CMBS still split

    The divergence in synthetic and cash spreads continues to pre-occupy the US non-agency CMBS secondary market.

    "The big story remains CMBX continuing to tighten significantly while cash keeps going wider," says one trader. "Over the last three weeks triple-A CMBX has come in 35bp and triple-B minus by more than 100bp, whereas triple-A cash spreads have gone out by eight .......

    SCIWire 9 March 2016

  • Euro secondary sidelined

    The improving macro picture has so far failed to encourage the majority of participants back into the European securitisation secondary market.

    "Yesterday was mainly dominated by BWICs, which went through OK but a lot of clients are still on the sidelines," says one trader. "While market tone keeps improving in line with broader markets liquidity hasn't moved in tandem with .......

    SCIWire 9 March 2016

  • Oaktree targets Aussie growth

    Oaktree Capital Group has opened an office in Sydney, Australia. Byron Beath has joined the firm as md to lead investment activities in Australia and New Zealand and will be based in the Sydney office.

    Beath was previously at Macquarie Bank. He spent 15 years at the bank, most recently as a director in the corporate and asset finance division.

    .......

    Job Swaps 8 March 2016

  • Sports Authority exposure gauged

    Fitch suggests that Sports Authority's withdrawal from some locations, following its Chapter 11 bankruptcy protection filing, may pressure smaller strip malls or neighbourhood shopping centres. However, US CMBS deals that the agency rates aren't expected to be significantly impacted by the store closures.

    Fitch has identified 49 transactions with exposure to Sports Authority, 20 of which are CMBS 1.0 vintages .......

    News Round-up 8 March 2016

  • Euro secondary pick-up?

    After a very slow start to the week yesterday European securitisation secondary market activity looks set to pick up today.

    A volatile day in wider markets kept most participants on the sidelines once more and meant flows were extremely light again yesterday, nor were there any BWICs. Consequently, secondary spreads were unchanged across the board.

    Nevertheless, market sentiment remains positive. .......

    SCIWire 8 March 2016

  • Quarterly loss severity spikes

    US CMBS liquidations in 4Q15 saw the highest quarterly loss severity since 1Q10, when Moody's began tracking losses across the sector. The agency notes that severities were driven by a number of large loans liquidated at high losses.

    "The fourth quarter of 2015 saw 240 loans liquidate with an average loss severity of 58.2%, up significantly from the 210 loans .......

    News Round-up 7 March 2016

  • AnaCap increases Italian NPL holdings

    AnaCap Financial Partners has purchased two Italian NPL portfolios with a face value of more than €2bn. The portfolios were acquired by AnaCap Credit Opportunities III from SPVs whose securities were majority owned by GE Capital Real Estate and RBS.

    The portfolios each have a gross book value of around €1bn and include secured and unsecured SME loans, with the .......

    News Round-up 4 March 2016

  • GGLF expected to stabilise

    Moody's says that the German Ground Lease Finance (GGLF) CMBS continues to perform in line with its expectations after the agency met with the managing agent Immofori in February. Refinancing remains a risk to the transaction, however, and will be contingent on the amount of excess cash left available to amortise the structure prior to its final maturity.

    The transaction has caused .......

    News Round-up 4 March 2016

  • First CMBS 2.0 loan sees loss

    February US CMBS 2.0 remittances show that 15 loans totalling US$103m became newly delinquent during the month, while eight loans totalling US$104m transferred to special servicing and 189 totalling US$3bn were watchlisted. A 2011-vintage loan became the first CMBS 2.0 asset to liquidate at a significant loss.

    The US$12.4m Campus Habitat 15 loan (securitised in WFRBS 2011-C3) was last month .......

    News 4 March 2016

  • Loss, liquidation totals decline

    US CMBS loss and liquidation totals declined substantially last month, falling in line with levels last seen 12 months ago, according to Trepp. A total of US$567m across 43 loans was disposed of in February, down from US$887.7m in December and US$2.4bn in January. Average loan size also plunged to US$13.2m this month from US$19.4m in January.

    Four relatively small .......

    News Round-up 3 March 2016

  • Associations confirm STS support

    AFME, the European Fund and Asset Management Association (EFAMA), the International Capital Market Association (ICMA) and Insurance Europe have issued a joint paper backing EU efforts to develop a robust and successful STS framework. The associations believe that STS and the associated CMU could play a pivotal role in enabling non-bank funding alternatives across the region.

    The joint paper affirms .......

    News Round-up 3 March 2016

  • Euro secondary slows

    This week's recovery in the European securitisation secondary market slowed yesterday.

    Despite increasingly positive market sentiment the anticipated continued uptick failed to materialise yesterday and flows thinned once more. Nevertheless, the wider market story was sufficient to keep most secondary spreads flat to slightly tighter.

    While a few buyers are in evidence sellers are now more elusive and BWICs are largely absent .......

    SCIWire 3 March 2016

  • Delinquency decline continues

    The Trepp US CMBS delinquency rate stood at 4.15% at end-February, a drop of 20bp from January. The rate is now 143bp lower than the year-ago level.

    CMBS loans that were previously delinquent but paid off with a loss or at par totalled over US$930m last month. Removing these previously distressed assets from the numerator of the delinquency calculation helped .......

    News Round-up 2 March 2016

  • Euro secondary improves

    The European securitisation secondary market continues to improve as broader markets remain stable.

    "The market is improving although yesterday was quiet overall," says one trader. "Tone is definitely better, but we're not yet seeing that much volume."

    At the same time, the trader adds: "Prices are picking up albeit quite slowly. We're noticeably lagging wider credit in that respect."

    Improvement was .......

    SCIWire 2 March 2016

  • SFR rent trends examined

    Property managers in single-family rental securitisations appear to have been steadily driving rents higher, according to a recent Morningstar Credit Ratings analysis. The study shows that these increases have come from renewals more often than new tenants for vacant properties.

    "It is in the interest of single-family rental securitisations for property managers to keep properties occupied by maintaining high renewal .......

    News Round-up 1 March 2016

  • Euro secondary positive

    The European securitisation secondary market continues to stay positive in line with sentiment in wider markets.

    "Market tone is pretty constructive after a few stable sessions in broader markets," says one trader. "Consequently we're seeing a few people now looking to add."

    However, the trader continues: "Liquidity remains pretty thin and we're not seeing many BWICs. What action there is .......

    SCIWire 1 March 2016
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