CMBS

  • Euro secondary improves

    After a long period in the doldrums things look to be improving for the European securitisation secondary market.

    "Overall tone was much better yesterday," says one trader. "Notably, we saw good activity in both UK and Dutch prime, so there's more liquidity there and prices are marginally better."

    The trader continues: "Peripherals too are improving with sentiment generally much better, .......

    SCIWire 15 July 2015

  • CMBS delinquencies climbing

    US CMBS delinquencies climbed slightly last month led by two large newly delinquent loans, according to Fitch's latest index results for the sector. Loan delinquencies rose 6bp in June to 4.54% from 4.48% a month earlier, while the dollar balance of late-pays increased by US$65m to US$17.17bn from US$17.1bn in May.

    The rise was driven by new delinquencies of US$876m .......

    News Round-up 14 July 2015

  • CMBS auction listings dip

    The latest update of CMBS auction listings includes 40 properties from 36 CMBS loans with an allocated balance totalling US$179m, according to Barclays Capital analysts. Barcap figures reveal that the volume is somewhat lower than it was in 1H15, and the average property balance is also smaller than in past months with only three properties having an allocated balance over US$10m.

    GCCFC .......

    News Round-up 14 July 2015

  • Green Oak receives hope note mod

    July remittance indicates that the US$62m Green Oak Village Place retail plaza in Brighton, Michigan, received a large hope note modification. The retail centre loan securitised in BACM 2007-5 had re-defaulted in December 2012 after receiving an earlier modification in 2009 that resulted in a partial pay-down, and the most recent appraisal of the property in March 2014 had placed it .......

    News Round-up 14 July 2015

  • 15-year Freddie K debuts

    Freddie Mac issued its first 15-year K programme CMBS last week under the ticker FREMF 2015-K1501, reports Wells Fargo. The 14.5-year WAL LCF A3 tranche priced 2bp tighter than the original price talk, in contrast to the week-over-week spread widening for most structured products.

    Freddie Mac guarantees the payment of principal and interest on FREMF 2015-K1501 A3, even though the .......

    News Round-up 14 July 2015

  • Mortgage REIT diversity dawns

    Kroll Bond Rating Agency says there are signs that some traditional agency mortgage REITs are diversifying towards CRE securities. The agency says residential mortgage REITs could be faced with either increasing leverage or diversifying due to rising funding costs and margin compression.

    Strong investor demand has allowed mortgage REITs to significantly grow portfolios by issuing over US$50bn in equity and US$7.8bn in senior .......

    News Round-up 10 July 2015

  • CMBS certificates removed

    Morningstar has made an amendment from its June 17 pre-sale report on the capital structure of Citigroup Commercial Mortgage Trust 2015-GC31. Based on an update to the offering circular the class X-B certificates have been removed from the transaction in the agency's post-sale report. No other key changes have been made.

    .......

    News Round-up 9 July 2015

  • BBC-linked deals 'manageable'

    The announcement from the UK government's summer budget that the BBC will have to meet the £650m cost of free TV licences for over-75s could impact the three securitisations linked to the broadcaster but remain manageable, according to Barclays Capital securitisation analysts. The transactions are: Juturna, White City and Pacific Quay.

    As a partial mitigant, the BBC is expected to be allowed .......

    News Round-up 9 July 2015

  • Taurus safeguard proceedings open

    An event of default (EOD) has led Moody's to downgrade the ratings of two classes in Taurus CMBS (Pan-Europe) 2007-1. The EOD resulted after a non-payment of interest in May on the most senior class of notes, as well as an increase in Moody's loss expectation driven by the underperformance of the pool's largest loan, Fishman JEC.

    However, due to .......

    News Round-up 8 July 2015

  • Sterne Agee loses two

    Michael Krull has joined Seer Capital Management as md and portfolio manager. He arrives from Sterne Agee, where he focused on CMBS trading as md. Krull has also held previous senior positions at StormHarbour, Hypo Real Estate Bank and GE Real Estate.

    David Jacob has also left his position as md at Sterne Agee, moving to Prudential Financial as a pricing and structuring team .......

    Job Swaps 7 July 2015

  • Euro secondary holds up

    European securitisation secondary market spreads are holding up as the wait for the Greek referendum continues to keep most participants sidelined.

    Flows remained light yesterday and are expected to stay the same today especially given the US public holiday. Prime assets again saw the most activity though it was still very patchy and market sentiment has slightly improved in peripherals .......

    SCIWire 3 July 2015

  • Euro secondary seeks clarity

    The European securitisation secondary markets continue to suffer poor liquidity and lack of supply as participants await further news on Greece.

    "It's still very quiet with everyone sitting on the sidelines," says one trader. "We got through quarter-end OK and had hoped things would then pick up but it looks like no one is willing to do anything until we .......

    SCIWire 2 July 2015

  • GPA portfolio drives losses

    A total of 75 US CMBS loans worth US$950.26m were disposed of with a loss in June, according to Trepp. One B-note and eight other loans totalling US$142.45m took over 100% losses, including a 137% severity on the US$27m Long Island office building at 1025 Old Country Road.

    The largest loan disposed of with a loss during the month was .......

    News Round-up 2 July 2015

  • Delinquencies inch higher

    The Trepp US CMBS delinquency rate moved modestly higher in June to 5.45%, up by 5bp for the month. Over the last 26 months, the delinquency rate has fallen 22 times and is now 60bp lower than the year-ago level and 30bp lower year-to-date.

    In June, US$1.4bn in loans became newly delinquent, which put 27bp of upward pressure on the .......

    News Round-up 1 July 2015

  • Euro secondary stable

    The European securitisation secondary market remained stable yesterday amid the varying Greece headlines and is holding firm for now ahead of further news from the ECB later today.

    Yesterday once again saw very light flows as the majority of both buyers and sellers remain content to sit out the wider market volatility. Consequently, spreads were broadly unchanged on the day.

    SCIWire 1 July 2015

  • PILOT programme affirmed

    The borrower - an affiliate of Macerich - behind the single-borrower COMM 2013-GAM CMBS has entered into a payment in lieu of taxes (PILOT) arrangement with the Town of Hempstead Industrial Development Agency (IDA). The transaction is backed by a mortgage loan secured by the borrower's fee and leasehold interests in 1.7 million square-feet of the Green Acres Mall in .......

    News Round-up 1 July 2015

  • Below-appraisal bids win

    Over US$500m in allocated loan balance from 34 properties securing 13 US CMBS was disposed of last week via Auction.com. The proceeds are anticipated to flow through to the affected trusts in the August or September remittance, likely resulting in large liquidations.

    Barclays CMBS analysts note that the majority of the properties in the auction appear to have sold, with .......

    News 30 June 2015

  • Euro secondary stays calm

    Tone continues to be weak across European securitisation secondary, but the market has remained calm.

    "Not much happened yesterday - as broader markets headed down volumes in ABS/MBS were very thin," says one trader. "Peripherals were better offered in the Street, but there was no panic selling from customers."

    Indeed, the trader adds: "There was very little customer activity at .......

    SCIWire 30 June 2015

  • Euro secondary hesitates

    The European securitisation secondary markets are making a hesitant start following the weekend's events surrounding Greece.

    For now at least, participants are holding off any real trading activity until there is a clearer idea of where pricing levels should now be. While the market tries to find a firmer footing few prices are being shown.

    Those that are unsurprisingly reflect .......

    SCIWire 29 June 2015

  • CMBS 2.0/3.0 financials analysed

    A Morgan Stanley review of the US CMBS 2.0 loans that have reported 2014 year-end financials suggests that the majority of properties are performing well compared to underwriting. However, some idiosyncratic concerns remain across property types and MSAs.

    Over 6,600 CMBS 2.0 loans totalling nearly US$121bn have now reported updated financials for FYE 2014, representing approximately 75% of the entire .......

    News 26 June 2015

  • Incoming chairman named

    CREFC Europe has appointed Madeleine McDougall as its next chairman. Presently Lloyds Bank's head of institutional clients in the commercial real estate business, she has joined the CREFC Europe board and will begin her one-year term on 9 November.

    The association says that McDougall has signalled a desire to focus on: supporting education initiatives and greater diversity across the sector; .......

    Job Swaps 26 June 2015
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