CMBS

  • 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

  • TMAN 4 recoveries gauged

    A noteholder call convened by special servicer Hatfield Philips last week confirmed that the remaining loan - DT12 - securitised in the TMAN 4 CMBS won't be repaid ahead of the July legal final maturity. Ultimate proceeds are expected to be around €77m-€82m, which should be enough to pay down the class A notes at least.

    The situation regarding the .......

    News Round-up 26 June 2015

  • Euro secondary stalemate

    The European securitisation secondary markets remain in stalemate as uncertainty over Greece and a consequent risk-off attitude pervades.

    Secondary spreads remained unchanged yesterday on the back of very limited liquidity and only some isolated small pockets of flow trading. Equally, the flurry of BWICs yesterday saw covers lower than earlier in the month for similar assets and a significant number .......

    SCIWire 26 June 2015

  • Valuations team beefs up

    MountainView IPS has added Alvin Hsu in a vp role and Alex Kolesnikoff in a senior analyst role. The two hires fill vacant positions while addressing a strategic plan to enhance the company's valuation processes and expand into new asset classes.

    Hsu joins MountainView IPS with over 10 years of experience in structured products and credit markets. He previously spent .......

    Job Swaps 25 June 2015

  • Euro ABS/MBS illiquid again

    The European ABS/MBS secondary market is once again hampered by illiquidity.

    "Flows are once again very poor," says one trader. "The bounce we saw on Tuesday, particularly in Portuguese and Spanish names, was short lived and we've been pretty flat to weaker since then."

    The trader expects little to change in the near future. "With the continued volatility surrounding Greece .......

    SCIWire 25 June 2015

  • Rates impact 'largely credit neutral'

    Moody's expects rising short-term interest rates in the US to have varied credit effects on new and existing mortgage-backed, asset-backed and other securitisations. The agency suggests that rising rates will be credit negative for CMBS and largely credit neutral for most consumer and commercial ABS sectors, RMBS and CLOs.

    For newly originated loans backing CMBS deals, rising interest rates are .......

    News Round-up 24 June 2015

  • CMBS 2.0/3.0 watchlistings highlighted

    A total of 102 CMBS 2.0/3.0 loans with an aggregated balance of US$1.7bn were newly watchlisted in the June remittance, according to Barclays figures. The majority of the watchlists involve 2012 vintage loans, with 2010 and 2015 vintages accounting for the least watchlist transfers.

    GSMS 2011-GC3 has the largest exposure to the new watchlistings at 12% (US$209m), largely driven by .......

    News Round-up 24 June 2015

  • Euro ABS/MBS firms up

    The European ABS/MBS secondary market is showing a firmer tone, but is not yet fully back up to speed.

    "Yesterday was very busy especially in peripherals with Spanish and Portuguese names the big movers," says one trader. "Overall, market tone is much better than we've seen for a while."

    However, the trader adds: "I'm not reading too much into it .......

    SCIWire 24 June 2015

  • CMBS practice strengthened

    Nelson Mullins Riley & Scarborough has opened an office in New York City and strengthened its real estate capital markets group with a pair of new hires. JPMorgan executive director Steve Hantz joins the firm as a partner, together with associate Gillian Deutch, who was previously at Watson Farley & Williams.

    Hantz has spent the past seven years in the .......

    Job Swaps 24 June 2015

  • Opportunity knocks

    ECB presence expanding ABS investor mandates

    The ECB's ABSPP was a hot topic at IMN's 2015 Global ABS Conference, as it continues to exert downward pressure on European securitisation spreads. Panellists noted an expanding mandate among many investors, with relative value opportunities shifting towards the UK non-conforming RMBS and European CLO sectors.

    Jefferies md Craig Tipping pointed to a shift in investor mandate when he admitted .......

    News Analysis 24 June 2015

  • Default rate hits post-crisis low

    The default rate for global structured finance securities rated by S&P fell for the third successive year to 4.2% in 2014, the lowest level since 2008. The downgrade rate also declined to an eight-year low of 10% in 2014, while the upgrade rate increased to 8.4%.

    "Overall global structured finance credit quality declined again in 2014, with the number of .......

    News Round-up 23 June 2015
×