CMBS

  • 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

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • Euro ABS/MBS holds up

    Spreads are holding up in the European ABS/MBS secondary market despite broader market weakness.

    Riding off the back of reasonably strong performance in the primary market, secondary activity picked up a little yesterday and spreads held firm in most sectors. The return of appetite for Dutch prime continued and saw select names edge in.

    Meanwhile, Spanish and Italian paper continued .......

    SCIWire 13 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015

  • Euro secondary slow

    As expected, yesterday was a slow day in the European securitisation secondary market and today has begun quietly.

    With the US and parts of Europe out yesterday liquidity thinned further across the secondary market and only patchy trading was seen. Nevertheless, tone remains broadly constructive and spreads were unchanged to slightly tighter into the close.

    Appetite for selected names across .......

    SCIWire 12 November 2015

  • New moniker for investment manager

    Pramerica Investment Management will change its name to PGIM from 4 January 2016. It is also launching PGIM Funds, a UCITS platform serving the UK and Europe.

    The firm's name-change coincides with the expansion of the business around the world and reflects its position as one of the world's largest asset managers, says the firm. Pramerica's businesses operate in 16 .......

    Job Swaps 11 November 2015

  • CBD price push continues

    Central business district (CBD) office continues to be the best-performing segment of Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. CBD prices rose 4.3% over the past three months.

    The CPPI rose 0.7% in September, with a 0.8% rise in the core commercial segment. Prices in non-major markets have now topped their pre-crisis peaks, mainly due to gains .......

    News Round-up 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • CMBS pay-offs spike

    The percentage of US CMBS loans paying off on their balloon date jumped sharply last month, posting the highest level in six months, according to Trepp. The October reading is 76.7%, more than 16 points above the September number. The rate is also above the 12-month moving average of 68.1%.

    By loan count as opposed to balance, 74.9% of loans .......

    News Round-up 10 November 2015

  • CMBS borrower bunching considered

    Blackstone is the ultimate borrower for a full third of floating rate European CMBS issuance from 2014 and 2015. When adding the second-largest borrower - IVG - concentration increases to 50%.

    The third-largest borrower is the consortium behind London's Westfield Stratford shopping centre, which consists of Westfield, CPPIB and AIG. When Blackstone, IVG and the Westfield consortium are considered together, .......

    News 10 November 2015

  • Split triple-B tranches seen

    The latest US conduit CMBS to print - the US$960.9m COMM 2015-LC23 - has a structural feature not seen since 2012. Rated by Fitch and Kroll, the US$28.83m D tranche was rated BBB/BBB+ (with 10.75% subordination), while the US$24.02m E tranche was rated triple-B minus (8.25%).

    Transactions featuring both triple-B plus and triple-B minus tranches were common in 2010-2012, when .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • Office drives delinquency drop

    US CMBS delinquencies fell by 9bp in October to 4.37%, from 4.46% a month earlier, according to Fitch's latest index results for the sector. The dollar balance of late-pays fell by US$348m to US$16.4bn during the month.

    Resolutions of US$833m in October exceeded new delinquencies of US$504m. Fitch-rated new issuance volume of US$5.2bn across five transactions was outpaced by US$5.8bn .......

    News Round-up 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Fresh & Easy exposure gauged

    About US$209.2m in CMBS exposures across 16 loans could be affected by Fresh & Easy's latest bankruptcy filing, reports Morningstar. However, the agency says that the impact would be limited to five loans with balances of less than US$7m.

    These loans have the greatest risk of going delinquent because the grocer occupies at least 48% of the leasable space. Conversely, .......

    News Round-up 6 November 2015

  • Amherst welcomes mortgage team

    Standish Mellon Asset Management has strengthened ties with subsidiary Amherst Capital Management by moving its mortgage team over to the firm. The team will remain in Boston and continue to utilise the same investment processes for Standish clients.

    However, it will gain access to Amherst Capital's real estate data set and analytical tools to provide additional advantages to its work .......

    Job Swaps 6 November 2015

  • CMBS liquidations dip again

    US CMBS loan dispositions have dipped back below the US$1bn mark to reach a liquidation volume similar to the end of the summer, says Trepp. There were 54 loans totalling US$868.9m liquidated with losses in October.

    Although total disposition volume declined, average loan size has continued to trend upward. From US$11.48m in August and US$14.46m in September, average size reached .......

    News Round-up 6 November 2015

  • Euro secondary firms up

    Tone in the European securitisation secondary market continues to firm up.

    Despite the large number of BWICs yesterday, pricing levels held up across the majority of sectors and the majority of bonds in for the bid traded in line with expectations. CMBS, peripherals and UK non-conforming continue to improve, while UK and Dutch prime remain solid. Auto ABS were the .......

    SCIWire 6 November 2015

  • Euro secondary improves

    Yesterday saw further improvement in the European securitisation secondary market, but it is still yet to take off.

    "We've got what we wanted at last - stability in broader markets - but our space isn't picking up massively," says one trader. "Tone is generally better and we are seeing a pick-up in high beta paper in particular."

    The trader continues: "CMBS .......

    SCIWire 5 November 2015

  • CMBS delinquency drop continues

    Trepp's US CMBS delinquency rate in October fell by 5bp, marking the ninth month of improvement in the past year. The next big move for the delinquency rate could come as early as November, with a forthcoming resolution expected on the US$3bn Stuyvesant Town/Peter Cooper Village loan (see SCI's CMBS loan events database).

    The loan defaulted in 2009 .......

    News Round-up 4 November 2015
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