CMBS

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • SF head restored

    William Moretti has been appointed md and head of MetLife's structured finance group for the second time. His role includes monitoring ABS/CMBS structures, opening new asset classes for investment and acquiring/selling public and private securities across all ABS sub-sectors, CMBS and CLOs.

    Moretti most recently led a team of technical derivatives specialists/quantitative analysts after his first stint as structured finance .......

    Job Swaps 26 October 2015

  • Watch positive for StuyTown CMBS

    The anticipated pay-off of the Stuyvesant Town/Peter Cooper Village loan (SCI 21 October) has prompted Fitch to place 12 bonds in four CMBS on rating watch positive. The rating agency has also revised its outlook for one class of notes.

    The positive watch placements are due to the potential sale of the loan for US$5.3bn, which is likely to result .......

    News Round-up 26 October 2015

  • Largest ACIS yet inked

    Freddie Mac has obtained its largest insurance policy to date under its ACIS programme. The transaction transfers much of the remaining credit risk associated with STACR 2015-DNA2.

    The policy transfers up to US$502.6m of losses on a pool of single-family loans acquired from August to November 2014. It brings Freddie Mac's total insurance coverage up to US$1.5bn this year through .......

    News Round-up 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • CMBS credit quality slip continues

    The credit quality of US conduit/fusion CMBS loans continued to decline in 3Q15, Moody's reports. Conduit loan leverage topped the pre-crisis peak of 117.5% for a second time during the period.

    Conduit loan leverage as measured by Moody's LTV (MLTV) rose to 118.2% in 3Q15, up from 117.8% in 2Q15. The weakening credit has also highlighted the disparity in the .......

    News Round-up 23 October 2015

  • Nuveen targets Europe

    Nuveen Investments has teamed up with TIAA-CREF Asset Management to provide three new UCITS funds to non-US investors. This includes the TIAA US Bond ESG strategy, which invests in a broad range of publicly traded investment grade bonds and fixed income securities, including MBS and ABS.

    The fund's investment options also include US Treasuries, corporate bonds and taxable US municipal .......

    Job Swaps 23 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015

  • Euro secondary still strong

    The European securitisation secondary market is continuing to see a strong BWIC calendar and market tone, but little overall price movement as liquidity remains thin.

    Despite the continuing positive tone and yesterday's BWICs trading well, secondary spreads are broadly unchanged. Away from lists flows remain light with peripherals notably quiet ahead of today's ECB meeting.

    The UK non-conforming space continues .......

    SCIWire 22 October 2015

  • Surprise StuyTown deal agreed

    The Stuyvesant Town/Peter Cooper Village apartment complex has been sold for US$5.3bn, despite an appraisal as recently as September of US$3.5bn. The timing of the deal also comes as a surprise, with CMBS payoffs possible as soon as the November remittance.

    The complex has been bought by Blackstone and Ivanhoe Cambridge. Barclays analysts had not been alone in expecting a .......

    News 21 October 2015

  • Ty Warner defeasance expected

    The pending defeasance of the Ty Warner Hotel portfolio in MSC 2012-C4 has prompted Kroll Bond Rating Agency to place its ratings on the class B and C certificates to watch upgrade. The portfolio is the second largest loan in the transaction, comprising 9.1% of the pool.

    KeyBank, the master servicer, anticipates full defeasance of the loan on 30 October. The loan's .......

    News Round-up 21 October 2015

  • Underperforming retail asset warning

    The US CMBS retail subsector should continue to stabilise through the end of the year, says Fitch. However, already underperforming assets in secondary and tertiary markets could lose momentum in 2016 if retailers face a particularly weak holiday season.

    Sales in September were up 2.4% year-over-year and Fitch expects retail holiday sales - excluding autos - to be up 3%-4%, versus 4.1% .......

    News Round-up 21 October 2015

  • Euro secondary retains BWIC focus

    BWICs are continuing to dominate the European securitisation secondary market.

    Thanks in part to a relatively quiet primary market, secondary auctions saw increased interest yesterday. Most bonds in for the bid traded in line with expectations and tone across most sectors firmed a little. The notable exception is CLOs where any potential rally is being hampered by strong primary and secondary supply.

    SCIWire 21 October 2015

  • CMBS workouts exceed transfers

    With four European CMBS loans worked out last quarter, the pace of workouts continues to exceed new special servicing transfers, according to Moody's latest monthly update on the sector. A total of 114 loans were in special servicing at end-September, securitised within 45 large multi-borrower and 40 single-borrower CMBS transactions monitored by the agency.

    As well as the workouts, another .......

    News Round-up 20 October 2015

  • Euro secondary picking up?

    After a quiet start to the week, the European securitisation secondary market looks to be picking up.

    "Yesterday was very quiet both on- and off-BWIC," says one trader. "The highlight was probably the deep mezz UK non-conforming auction, which on the face of it was pretty interesting and saw strong client interest. But as is the case with many BWICs .......

    SCIWire 20 October 2015

  • Moving pieces

    CMBS spread widening spurs B-piece reassessment

    Widening US CMBS spreads have accompanied looming risk retention requirements in reshaping the investment landscape for CMBS B-piece buyers. While short-term investors could be pushed out of the space, single-asset/single-borrower (SASB) deals could provide new opportunities.

    A growing US CMBS pipeline this month is likely to precipitate a steepening credit curve, following US$11bn of issuance in September. Spreads have subsequently .......

    News Analysis 20 October 2015

  • Retail pay-off exposure highlighted

    Approximately US$3.7bn within Fitch's US CMBS loan universe is still scheduled to mature through the remainder of 2015, with an additional US$47bn scheduled in 2016 and US$65bn in 2017. Collateral backed by retail properties accounts for a large proportion of loans due to mature, as well as loans defaulting at their 2015 maturities.

    As of October 2015, approximately US$2.4bn, US$7.1bn .......

    News Round-up 19 October 2015

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains patchy.

    Friday saw a slight dip in volumes and liquidity remains thin overall. Activity continues to be patchy across sectors and selective within them. However, spreads remained broadly stable amid broader market positivity.

    Prime assets and UK non-conforming continue to attract the most attention and look strongest. Meanwhile, peripherals and CLOs are .......

    SCIWire 19 October 2015

  • EMEA maturity defaults stable

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe remained stable at 20%, as at end-September. Overall, the senior loan delinquency rate decreased to 47.1% from 48.1% during the month. The delinquency rate for continental European senior loans decreased to 59.7% from 60.3%, while the rate for UK loans decreased to 18.8% from 21.2%.

    .......

    News Round-up 16 October 2015

  • Reporting requirements reflected

    CREFC has adopted interim guidance for compliance with the US SEC's expanded reporting requirements in Form 10-D with regard to delinquent loans. This guidance is reflected in the latest iteration of the CREFC Investor Reporting Package (IRP) Version 7.2.

    Effective from 31 October, IRP Version 7.2 will require a new report to be produced that will fall under the umbrella .......

    News Round-up 16 October 2015

  • Euro secondary unchanged

    The European securitisation secondary market continues to see light flows and only pockets of activity.

    Yesterday saw another day of broadly directionless trading and limited activity away from BWICs. Consequently, spreads across the board were unchanged at the close.

    Once again, UK non-conforming was one of the few sectors to see above average activity on the day and pricing levels .......

    SCIWire 15 October 2015
×