CMBS

  • Euro secondary stays strong

    Despite weaker global markets and reduced volumes the European securitisation secondary market is still showing some strong signs.

    "Yesterday was a bit quieter with flows minimal across most sectors as a result of weakness in broader credit thanks to increasing global political tension," says one trader. "However, we saw some strong activity and prints around BWICs."

    The trader continues: "Italian .......

    SCIWire 25 November 2015

  • Euro secondary UK focused

    The heightened focus on UK RMBS is continuing in the European securitisation secondary market.

    "Overall, secondary is somewhat quiet," says one trader. "With Thanksgiving coming, today will be another day to get a few things done but away from UK RMBS there's not much broad-based trading."

    The trader continues: "Both UK prime and buy-to let were very busy yesterday. It's .......

    SCIWire 24 November 2015

  • Post-issuance changes eyed

    Fitch reports that US borrowers are increasingly seeking to change the terms of their CMBS loan shortly after securitisation. The agency says that some of the proposed changes - had they been known prior to issuance - would have resulted in the loan being modelled differently and often more conservatively.

    Fitch has seen approximately 15 requests this year for rating .......

    News Round-up 23 November 2015

  • Euro secondary undented

    A typically quiet Friday has failed to dent the positive tone in the European securitisation secondary market.

    After a pick-up in activity earlier in the week, Friday was typically quiet across most sectors. Nevertheless, market sentiment remained strong and spreads closed the day broadly unchanged.

    Continued trading around the Granite redemption means UK prime remains the main focus. Friday again .......

    SCIWire 23 November 2015

  • New wave

    Next CMBS modification wave 'unlike predecessors'

    US CMBS maturity modifications have been modest this year, but the pace is set to pick up in 2016. Moreover, not only the pace of the mods - but also the manner of them - is set to change.

    With US$83bn of performing conduit loans due to mature in 2016, Citi CMBS analysts expect 21% to face difficulties refinancing. Many of the .......

    News Analysis 20 November 2015

  • Euro secondary accelerates

    The recent uptick in the European securitisation secondary market accelerated further yesterday.

    A noticeable pick up in flows was seen across the board. As a result, prices were broadly either unchanged or edged a little higher.

    Stronger but still selective activity was seen in Autos, CLOs and CMBS. At the same time, peripherals held firm with continued buying interest in Italian .......

    SCIWire 20 November 2015

  • Euro CMBS maturity defaults tumble

    At the end of October, the 12-month rolling loan maturity default rate for European CMBS rated by S&P decreased from 20% to 10.3%. The senior loan delinquency rate increased from 47.1% to 49%, however.

    The delinquency rate for continental European senior loans increased from 59.7% to 61.3%. For the UK, the rate increase from 18.8% to 20%.

    .......

    News Round-up 19 November 2015

  • Euro secondary tight

    Spreads across the European securitisation secondary market are holding up, but liquidity remains tight.

    "Market tone and pricing levels are better across secondary in line with global credit," says one trader. "However, we're not seeing huge flows, they even fell back a little yesterday, and liquidity is still tight, so it doesn't take many trades to move spreads."

    UK non-conforming .......

    SCIWire 19 November 2015

  • MBS efforts bolstered

    Palmer Square Capital Management has recruited Vesta Marks as a portfolio manager focused on building out the firm's efforts in CMBS and RMBS. He was previously md at Tradex Global Advisory services, where he oversaw mortgage credit within its flagship hedge fund.

    Marks has also served as a portfolio manager at Semper Capital Management, where he was responsible for investments .......

    Job Swaps 18 November 2015

  • Euro secondary on the up

    Activity and sentiment are on the up in the European securitisation secondary market.

    Bolstered by improving broader markets, activity in securitisation secondary picked up yesterday and market tone continues to improve. Better buying interest was seen across most sectors and spreads are broadly flat to slightly tighter.

    Prime autos and RMBS saw healthy flows yesterday, while the bid for UK .......

    SCIWire 18 November 2015

  • Default interest suit filed

    Four funds - understood to be Appaloosa Investment LP I, Palomino Fund, Thoroughbred Fund and Thoroughbred Master - have filed a complaint in New York State Supreme Court to block a potential pay-out of default interest to CWCapital following the impending Stuyvesant Town/Peter Cooper Village sale (SCI passim). The crux of the issue is whether the special servicer is entitled .......

    Job Swaps 18 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Titan up

    Quelle case reverses course

    The English Court of Appeal overturned a landmark decision earlier this month when it reversed a UK High Court ruling that provided CMBS issuers with a legal basis for pursuing negligence claims against a property valuer. The decision is believed to potentially be transferable to other CMBS transactions.

    The case brought before the High Court last year centred on the .......

    News Analysis 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • Law firm adds CLO pro

    Ashurst has appointed Lawrence Berkovich as a partner in its US CLO team. He joins from Mayer Brown and specialises in complex structured finance transactions.

    Berkovich has a particular focus on broadly syndicated and middle-market CLOs, first mortgage and mezzanine CRE loan securitisations and rated and unrated leveraged loan and CRE loan warehouse facilities. He also has extensive experience with .......

    Job Swaps 16 November 2015

  • Fewer CMBS servicing transfers

    Increased US CMBS issuance has coincided with a decrease in the number of loans transferring to special servicing, notes Fitch. Through October, US$4.3bn has transferred to special servicing in Fitch-rated transactions this year, down from US$6.8bn in both 2014 and 2013.

    The rating agency has received notification from master servicers of 383 loans being transferred to special servicing year-to-date October .......

    News Round-up 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

  • CMBS payoff rate climbs

    October's payoff rate for loans backing US CMBS rose from 84.3% in September to 86% in October, according to Morningstar. October was the fourth consecutive month where more than US$6bn was due for repayment.

    US$6.21bn was due for repayment last month, of which US$5.29bn was repaid in full. The month's performance bumped the year-to-date maturity payoff rate up by 10bp, .......

    News Round-up 13 November 2015

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • CRE momentum continues

    Positive momentum continued in all US CRE sectors in 3Q15, says Moody's. Though GDP growth will be constrained by the strong dollar and low oil prices, the rating agency notes that the US economy is healthy and interest rate increases are likely to be more gradual than in previous monetary tightening cycles.

    Moody's base expected loss for conduit/fusion transactions rose .......

    News Round-up 13 November 2015
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