CMBS

  • Resurfaced CMBS amended

    Goldman Sachs has restructured its REITALY Finance CMBS transaction by splitting the €109.3m of class A senior notes to include some additional protections. The deal, which provides exposure to leisure properties, had recently been postponed by the bank (SCI 24 July).

    Fitch has assigned single-A plus and single-A ratings to the newly tranched A1 (€70m) and A2 (€39.3m) notes respectively. The .......

    News Round-up 25 August 2015

  • Euro secondary holds up

    In the face of continuing equity market volatility the European securitisation secondary market appears to be holding up relatively well.

    True price discovery remains very difficult with almost no trading thanks to the summer lull combined with the extreme equity and FX market volatility discouraging any securitisation market participants still at their desks. However, dealers for now appear to be taking .......

    SCIWire 25 August 2015

  • Short loan MBS debuts

    Amicus has issued what is believed to be the first UK MBS to be backed entirely by short-term property loans. Three of the four tranches in the unrated Amicus Mortgage Finance 2015-1 were privately placed last week, amounting to £95m of the £100m transaction.

    The £78m class A notes feature 22% credit enhancement and were sold at par. The junior £5m .......

    News 24 August 2015

  • CMBS property incomes improve

    The NOI of Fitch-rated US CMBS improved 3.2% year-over-year in 2014, compared to 2.5% growth in both 2012 and 2013. Led by hotel and multifamily properties, approximately 65% of the commercial properties by loan count in Fitch's portfolio reported an increase in NOI between 2013 and 2014.

    Year-on-year increases for the major property types in 2014 from their 2013 figures were: .......

    News Round-up 24 August 2015

  • Euro secondary fades further

    The European securitisation secondary market continues to be weighed down by seasonal illiquidity and macro concerns causing the hitherto positive tone to fade further.

    Activity remains extremely patchy with only small pockets of trading surrounding CMBS and prime ABS/RMBS. Elsewhere, a selling bias is emerging with wider market volatility beginning to bite and bid-offers are widening as even more participants .......

    SCIWire 21 August 2015

  • Marketplace lender hires Zinn

    ApplePie Capital has appointed Jeff Zinn as head of capital markets. He joins from Jefferies, where he was md, specialising in structured product sales that included ABS, MBS and CLOs.

    Zinn will now be responsible for accelerating ApplePie Capital's growth and expanding the company's relationships with institutional investors. He has also held roles at The PrinceRidge Group, Bank of America .......

    Job Swaps 20 August 2015

  • Euro secondary sidelined

    Broader market volatility is adding to the summer doldrums in the European securitisation secondary market as it is keeping even more players on the sidelines.

    The market continues to lack conviction as activity remains patchy and very light. What little trading there was yesterday was once again mainly focused on prime assets.

    Meanwhile, BWIC activity also remains negligible and yesterday's handful of .......

    SCIWire 20 August 2015

  • EMEA maturity defaults dip

    The 12-month rolling loan maturity default rate for European CMBS in S&P's rated universe decreased to 19.6% from 25%, at end-July. The agency reports in its latest monthly European CMBS bulletin that the overall senior loan delinquency rate remained stable at 49.8%.

    The delinquency rate for continental European senior loans increased slightly to 63.3% from 63.1%. The rate for UK .......

    News Round-up 19 August 2015

  • CMBS lending team boosted

    Walker & Dunlop has hired Jeffrey Taschler to its CMBS and high yield-focused commercial property funding (WDCPF) team. As coo and svp, Taschler will be responsible for originating commercial financing opportunities for clients nationwide in the US and will report to WDCPF ceo Tim Koltermann.

    Prior to his arrival, Taschler served as md at Ladder Capital, where he led a .......

    Job Swaps 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • BlackRock wins vendor role

    The US NAIC has selected BlackRock Solutions as sole vendor to conduct financial modelling for the next three years for both RMBS and CMBS. The association had previously issued two separate RFPs, seeking firms to model CMBS and RMBS respectively (SCI 12 February).

    The NAIC has used BlackRock Solutions to perform financial modelling of CMBS since 2010, but had previously .......

    Job Swaps 18 August 2015

  • 'High severities' for distressed CMBS

    The volume of distressed US CMBS loans up for auction in August and September is down slightly from previous months. Barclays figures show the deals with the largest exposures are BACM 2006-5 and LBUBS 2007-C6.

    BACM 2006-5 has the greatest exposure, which comes from a single US$62.5m loan. The loan is for Temecula Town Center in California and has been .......

    News 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • CMBS maturities looming

    Approximately 35% of Fitch's performing US CMBS loan universe will mature through the end of 2017. Included is US$10.8bn that is scheduled to mature by end-2015, with US$52bn scheduled in 2016 and US$67bn scheduled in 2017.

    Through the end of July, approximately US$20bn of loans with scheduled maturities in 2015 have been repaid. Additionally, approximately US$1.3bn and US$6bn of loans .......

    News Round-up 17 August 2015

  • Real estate lender acquired

    Jones Lang LaSalle is set to acquire Oak Grove Capital. The purchase includes Oak Grove's full service platform, encompassing debt financing for multifamily and seniors housing real estate, as well as its CMBS, life and specialty finance companies.

    The acquisition will enable JLL to expand its housing and healthcare financing expertise, as well as complement its multifamily sales and equity services. The .......

    Job Swaps 14 August 2015

  • Euro secondary stays calm

    The European securitisation secondary market continues to stay calm in terms of both activity and price volatility.

    Summer illiquidity along with broader market volatility, albeit reduced, kept most market participants on the sidelines again yesterday. Activity continued in pockets with autos and a handful of CLOs being the main signs of life, though spreads overall remained unmoved.

    Nevertheless, with wider .......

    SCIWire 14 August 2015

  • 'Slotting' disparity highlighted

    CREFC Europe has submitted a response highlighting two primary concerns over the EBA's draft regulatory technical standards on assigning risk weights to specialised lending exposures. The association notes that the consultation is especially relevant to UK banks, which account for the majority of affected exposures in the EU, since the UK regulator required them to use 'slotting' for their real .......

    News Round-up 13 August 2015

  • CMBS pay-offs jump up

    Trepp says that the percentage of US CMBS loans paying off on their balloon date jumped impressively last month. The July reading is 74.5%, more than 14 points above the June rate, and well above the 12-month moving average of 65.9%.

    By loan count as opposed to balance, 72.9% of loans paid off in July. On this basis, the pay-off rate .......

    News Round-up 13 August 2015

  • Euro secondary stays insulated

    The European securitisation secondary market remains quiet despite broader market volatility.

    "It's still pretty slow," says one trader. "We've remained insulated from the China news, but it's August so the market is illiquid."

    The latest THRONES deal remains the chief talking point. "Price talk on the new deal is weak and while that should have a knock-on impact in secondary .......

    SCIWire 13 August 2015

  • Greater supply, risks widen spreads

    New issue spreads for RMBS and CMBS deals are widening on either side of the Atlantic as supply remains higher than demand. It appears to be a trend that will last beyond the usual summer slump.

    "There is a very large pipeline of expected deals, but a shortage of investors lining up for them," says one European ABS trader. .......

    News 12 August 2015

  • US CMBS stutters

    The US non-agency CMBS market has stuttered on the back of broader market volatility.

    After a smooth and fairly active start to the week secondary CMBS activity and pricing levels have dipped since yesterday's open. Spreads edged wider throughout yesterday as a result of concerns over China and commodity prices. Further overnight broad market volatility has seen dealers re-rack their .......

    SCIWire 12 August 2015
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