CMBS

  • Severities up on heavy losses

    Total US CMBS liquidations topped US$2.4bn across 125 loans in January, more than doubling December's total of US$887.7m, according to Trepp. The average size of liquidated loans grew to US$19.5m last month, up from US$14.8m the month prior.

    Including one US$20m B-note, 14 loans totalling US$252.1m experienced over 100% losses, 11 of which were worth under US$20m. Large loans that .......

    News Round-up 3 February 2016

  • Business development leader added

    ZAIS Group has appointed Gregory Barrett as head of client relations and business development. He reports to ceo Michael Szymanski and is based in Red Bank, New Jersey.

    Barrett will work with the firm's client relations team, portfolio managers and cio to lead and create distribution strategies for ZAIS. He will also be responsible for client service for investors.

    Barrett .......

    Job Swaps 3 February 2016

  • Euro ABS/MBS stifled

    The European ABS/MBS secondary market continues to be stifled by wider market weakness.

    Activity was once again limited both on- and off-BWIC yesterday as macro volatility kept many investors on the sidelines. The low beta ABS/MBS sectors continue to do well, however.

    Autos and Dutch RMBS in particular are garnering some buying interest and spreads there continue to outperform; while .......

    SCIWire 3 February 2016

  • Delinquencies drop on StuyTown resolution

    The Trepp US CMBS delinquency rate plummeted by 82bp to 4.35% in January, driven by the resolution of the US$3bn Stuyvesant Town/Peter Cooper Village loan with no loss and a significant uptick in other loan resolutions. The rate is now 131bp lower than the year-ago level.

    The StuyTown resolution also helped the multifamily sector move from the worst performing property .......

    News Round-up 2 February 2016

  • Euro secondary still slow

    It continues to be a slow start to the month for the European securitisation secondary market.

    "It was very quiet again yesterday," says one trader. "There was one Italian CMBS BWIC that traded well, but that aside very little happened in our market."

    The trader continues: "Today has started similarly quietly. It looks likely to be more of the recent .......

    SCIWire 2 February 2016

  • Defeasance activity remains strong

    Newly defeased loans in Fitch-rated US CMBS totalled US$3.6bn in 4Q15, compared to US$5.3bn in 4Q14. Overall, newly defeased loans totalled US$14.2bn last year, versus nearly US$20bn in 2014.

    The 4Q15 defeasance volume brings the total in Fitch-rated US CMBS deals to US$20bn - representing 5.2% of the agency's total outstanding universe - as of year-end 2015. Of this, US$9.7bn .......

    News Round-up 1 February 2016

  • Euro secondary quiet

    Month-end made for a relatively quiet session on Friday for the European securitisation secondary market and today is starting out in similar fashion.

    Despite limited activity secondary market tone remains broadly positive in line with improving wider credit. Prime assets are once again leading the way and spreads in the sector continue to edge in.

    At the same time Italian .......

    SCIWire 1 February 2016

  • Court rules against Canary Wharf

    Canary Wharf Group sold 10 Upper Bank Street for £790m in June 2014 and used the proceeds to prepay £578m of the class A1 fixed-rate notes of its CMBS at par (SCI 2 July 2014). The spens amount of £169m was placed in an escrow account to be paid to either the class A1 bondholders or Canary Wharf Group, depending on .......

    News 29 January 2016

  • Euro secondary sees more of the same

    It was a case of more of the same in the European securitisation secondary market yesterday.

    Flows dried up a little yesterday, but the market remained relatively stable and saw a continuation of recent trading patterns. Dutch RMBS spreads edged in a little further and buying interest continued to be seen in peripherals, especially Spanish bonds.

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

    SCIWire 29 January 2016

  • Law firm promotes SF pros

    Cadwalader has elected new partners and made promotions to special counsel, with a number of structured finance and credit derivatives lawyers rising through the ranks. These include Dorothy Mehta, Bonnie Neuman, Amy Ray, Kahn Hobbs and Nathan Spanheimer.

    Mehta is based in New York. She is a partner in the firm's financial services group and a leader in its investment management .......

    Job Swaps 28 January 2016

  • Real estate practice bolstered

    Nelson Mullins Riley & Scarborough has added six attorneys to its real estate capital markets practice in the Atlanta office. Rusty Fleming and David Burch join the firm as partners from Morris, Manning & Martin; Meena Dev-Sidhu joins as of counsel from Kilpatrick Townsend & Stockton; and Seth Bloomfield and Jenna Lasseter - formerly of Morris Manning - and David .......

    Job Swaps 28 January 2016

  • Euro secondary keeps positive

    The European securitisation secondary market is holding on to the positive tone of the past few sessions.

    "Sentiment was a bit better again yesterday, flows in general are improving and prices are going higher on- and off-BWIC," says one trader. "With little primary activity technicals are supportive of secondary, so while global credit remains relatively stable that positive trend could .......

    SCIWire 28 January 2016

  • Euro secondary on the up

    Activity and pricing levels are on the up in some sectors of the European securitisation secondary market.

    Growing positivity in broader markets yesterday helped to stimulate activity across a wider range of ABS/MBS sectors than seen in recent days. Prime assets remain the main focus, with autos and Dutch RMBS, especially STORM paper, being the biggest beneficiaries of buying interest .......

    SCIWire 27 January 2016

  • Euro secondary similar

    Patterns in the European securitisation secondary market remain similar despite the continuing volatility in wider markets.

    "It's still pretty quiet and trends are pretty much the same," says one trader. "Broader markets are down again this morning, but little has changed in our space."

    The trader continues: "The senior prime sector is still fine and continues to grind tighter. Meanwhile, there .......

    SCIWire 26 January 2016

  • Maturity wall diminishing

    Falling US CMBS delinquencies and the slowing pace of special servicing loan transfers year-over-year have contributed to improved performance metrics within the existing portfolio of Fitch-rated fixed rate conduit transactions. At the same time, the size of the maturity wall has declined year-over-year and continues to diminish.

    Current delinquencies have declined by over 50% from a peak of 9.01% in .......

    News Round-up 25 January 2016

  • Conduit leverage to 'continue rising'

    The credit quality of US conduit/fusion CMBS continued to deteriorate in Q415, Moody's notes. Indeed, the agency expects conduit loan leverage to continue rising "for some time yet".

    Conduit loan leverage - as measured by Moody's loan-to-value (MLTV) ratio - rose to 118.9% in 4Q15 from 118.2% in the prior quarter, exceeding its pre-crisis high of 117.5% for the third .......

    News Round-up 25 January 2016

  • Euro secondary strengthens

    Tone in the European securitisation secondary market continued to strengthen into the last week's close on the back of positive wider markets.

    Once again, senior prime assets were the main focus on Friday, albeit with patchy and thin flows on- and off-BWIC. Secondary spreads in autos and UK RMBS held steady, but Dutch RMBS edged a little wider following the .......

    SCIWire 25 January 2016

  • STS securitisation supported

    The European Economic and Social Committee (EESC) has added its voice to calls for the introduction of a simple, transparent and standardised (STS) securitisation regime in Europe. It says securitisation can still be a secure system and can create growth through the unlocking of additional credit.

    "The risks involved in such transactions should now be clearly understood and responsibilities well .......

    News Round-up 22 January 2016

  • Euro secondary improves

    Better wider markets have improved European securitisation secondary tone once more.

    A combination of a return to form in stocks/broader credit, the ECB press conference and the successful execution of the Spanish OWIC boosted the secondary market across the board yesterday and that has continued into this morning. Nevertheless, it is only the prime and ECB-eligible peripheral sectors that are .......

    SCIWire 22 January 2016

  • EBA consults on 'implicit support'

    The EBA has launched a consultation regarding its guidelines on implicit support for securitisation transactions. The guidelines were drafted to provide clarity on what constitutes 'arm's length conditions' and when a transaction is not structured to provide support for securitisations.

    The capital requirements regulation (CRR) foresees restrictions on implicit support to securitisations due to significant supervisory concerns and the belief .......

    News Round-up 21 January 2016

  • New highs for CMBS repays

    Two-thirds of European CMBS loans maturing in 2016 will repay as a result of high prepayment levels, according to Moody's. This will be a dramatic increase on the average 38% repayment rate that has been recorded since 1Q12.

    "These high repayments are a product of improved lending conditions and stabilising occupational market fundamentals for secondary quality properties, which started 12 .......

    News Round-up 21 January 2016
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