CMBS

  • Colony adds finance chief

    Colony American Finance (CAF) has hired Christopher Hoeffel as cfo. He arrives from Investcorp, where he was head of real estate debt investments, including three high-yield debt funds.

    Hoeffel has also held senior roles at JPMorgan, Bear Stearns, Eastdil Realty and Walker & Dunlop. His duties have ranged from real estate investment banking to originating, underwriting and selling CMBS.

    CAF provides acquisition financing and .......

    Job Swaps 25 September 2015

  • LL, MASB structures could limit ratings

    Multi-borrower large loan (LL) and multi-asset/single borrower (MASB) CMBS may be structured in a way which raises risks for senior bondholders, says Moody's. The rating agency believes these structural shortcomings must be offset by higher credit enhancement to ensure sufficient credit quality to achieve the highest ratings.

    Credit negative structures include non-senior sequential payment priority and release provisions that do .......

    News Round-up 25 September 2015

  • Euro ABS/MBS sidelined

    Investors are for the most part staying on the sidelines in the European ABS/MBS secondary market.

    Sellers are outnumbering buyers in most sectors as broader market volatility is now heavily impacting ABS. Inevitably VW paper is taking the biggest hit at the moment and that is causing reticence in the rest of the European auto sector. Instead, buying is continuing .......

    SCIWire 25 September 2015

  • Euro market looks liquid

    European ABS BWIC activity was high over the summer, while the traded percentage also surprised to the upside. From this perspective, at least, European liquidity appears healthy, with UK RMBS proving particularly liquid.

    Over the 16-week period from 1 June until the end of last week, JPMorgan analysts counted €3.6bn of bonds at current face value - or €6.9bn in .......

    News 24 September 2015

  • Euro secondary still selective

    The European securitisation secondary market continues to see trading across the board, but only on selected names.

    Secondary spreads closed unchanged yesterday on, once again, patchy activity on- and off-BWIC. Most sectors saw some action, but prime assets remain the strongest performer. Autos were much quieter than the previous session with only the German programmes edging wider.

    There are currently .......

    SCIWire 24 September 2015

  • Bs lose out in hope note refi

    The One & Two Prudential Plaza loan has been refinanced in such a way as to avoid paying proceeds to the modified B-note. Barclays CMBS analysts describe it as "the worst case of hope note strategic refinancing to date".

    The CMBS loan paid off last month with a full recovery and deferred interest paid to the senior US$336m A-note, while .......

    News 23 September 2015

  • P2P lender taps CMBS vet

    Gary Bechtel has been appointed as president of Money360. He will be responsible for expanding the firm's lending programmes, building out its origination and loan processing capabilities, and interacting with institutional investors.

    Bechtel joins the CRE marketplace lender from Business Partners, where he was chief lending officer. He has also held senior roles at a number of other firms, including .......

    Job Swaps 23 September 2015

  • Multifamily debt mounts

    Outstanding US multifamily mortgage debt now exceeds US$1trn and is growing at almost 10% a year, according to the Mortgage Bankers Association. The level increased by US$38.5bn in 2Q15, a 1.4% increase over the last quarter, as three of the four major investor groups increased their holdings.

    The four major investor groups are: bank and thrift; CMBS, CDO and other .......

    News Round-up 23 September 2015

  • Euro secondary picks up

    The European securitisation secondary market is seeing a pick-up in activity.

    Amid a spike in broader market volatility and the evolving Volkswagen story, secondary activity and client enquiries grew significantly from recent levels yesterday. Inevitably attention was focused around auto ABS with a flurry of bonds across European jurisdictions offered for sale, most traded but transparency on pricing levels was .......

    SCIWire 23 September 2015

  • US CRE market 'like 2007'

    Market participants can ill afford to forget how quickly US CRE performance can change, warns Fitch. The rating agency notes that the market is beginning to resemble 2007 in several key ways, although differences do exist.

    While weakening loan characteristics, declining underwriting quality and concerns about originator, banker and rating agency competition are not new concerns for investors, in this cycle .......

    News Round-up 22 September 2015

  • CMBS loan use queried

    Following reports that proceeds from a mortgage loan securitised in Velocity Commercial Capital 2015-1 were misused by the related borrower to purchase a home as a primary residence, Kroll Bond Rating Agency has undertaken a thorough review of Velocity's credit policies, underwriting guideline, sample loan documentation and loan sale representations. As a result of this review, the rating agency is .......

    News Round-up 22 September 2015

  • SFR managers set to merge

    Starwood Waypoint Residential Trust (SWAY) and Colony American Homes (CAH) are set to merge as they combine their SFR operations into a single company. The combined company is expected to own and manage over 30,000 homes and have an aggregate asset value of US$7.7bn at the closing of the transaction.

    The merger, which is expected to close in 1Q16, is estimated to achieve .......

    Job Swaps 22 September 2015

  • StuyTown settlement soon?

    A court hearing last week related to the StuyTown lawsuit was adjourned without resolution, with Morgan Stanley analysts believing a resolution may be near. This could bring forward the timing of a sale.

    The 17 September hearing on whether to dismiss the StuyTown lawsuit in the New York Supreme Court is understood to have been postponed for 30 days to .......

    News Round-up 22 September 2015

  • CRE firm bolsters SF group

    Michael Poe has joined NGKF Capital Markets' debt and structured finance group as senior md. His expertise spans CRE finance, including DUS/agency finance via Fannie Mae and Freddie Mac CMBS execution. Poe's most recent roles include being president of Inland Commercial Mortgage Group and principal at Mid-North Financial Services.

    .......

    Job Swaps 22 September 2015

  • Euro secondary solid

    The European securitisation secondary market is staying solid despite distractions from elsewhere.

    Broader market volatility thanks to the Volkswagen story failed to feed through into the ABS market as autos for the most part held firm yesterday. VCL bonds edged wider by only a couple of points while spreads across the remainder of the auto sector were unchanged with buyers .......

    SCIWire 22 September 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes amid thin liquidity.

    It was another mixed day on Friday with some ABS/MBS sectors, notably Portugal, ending the week softer as broader market tone weakened, while CLOs continued to lack direction. However, relatively strong flows were seen in UK prime and Greek RMBS benefitted from pre-election interest. This morning's open .......

    SCIWire 21 September 2015

  • Liquidations hit LBUBS CMBS

    There were 13 loans with a balance of US$100.7m securitised in LBUBS 2006-C4 liquidated at 53.6% severity last month, according to September remittance data. All 13 loans were under US$20m, but the timing of the liquidations resulted in large cash outflows.

    Barclays analysts note that the liquidations were not a surprise, as they were all listed for auction in the .......

    News Round-up 18 September 2015

  • Euro secondary keeps quiet

    The European securitisation secondary market was once again quiet yesterday and looks likely to stay the same today.

    Secondary spreads remained fairly stable yesterday, though some softening of tone continues in the peripheral space. Volumes remained low in both flow and BWIC trading across the board in advance of the Fed announcement. On a Friday amid slightly weaker broader markets .......

    SCIWire 18 September 2015

  • Mall values 'negative' for Chinese CMBS

    Various pressures on the values of malls in China are credit negative for Chinese CMBS as the situation will make it more difficult for obligors to refinance their loans at maturity, says Moody's. However, as consumption levels in the country demonstrate large room for growth, the negative impact is expected to be moderate.

    "The supply of mall space in China .......

    News Round-up 17 September 2015

  • Euro CMBS defaults inch up

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe increased slightly to 20% at end-August from 19.6% a month previously. The delinquency rate for continental European senior loans decreased to 60.3% from 63.3%, while the rate for UK loans increased slightly to 21.2% from 20.6%. Overall, the senior loan delinquency rate decreased to 48.1% .......

    News Round-up 17 September 2015

  • Defeasance firm expands

    Waterstone Defeasance has opened a new office in Irvine, California, to better meet the needs of its clients in the region. Director Addison McMillan has relocated from the firm's Charlotte office and will focus on business development activities, specifically in connection with CMBS defeasance transactions. He reports to John Felter, md, who will continue to oversee the firm's presence in .......

    Job Swaps 17 September 2015
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