CMBS

  • REO liquidations could rise

    While losses on REO liquidations have been declining in recent months, the trend may reverse later in 2015, says Fitch. This is due to US CMBS servicers holding on to these assets for longer periods of time.

    In a year-over-year comparison, declines in REO portfolios have levelled off moderately, compared to a more rapid increase in the number of CMBS .......

    News Round-up 23 March 2015

  • Euro BWICs pick up again

    The European BWIC calendar is picking up again for today and the remainder of this week.

    As was the case for most of last week BWICs look set to drive activity in secondary today. The bulk of line items on Friday's limited calendar traded in line with expectations and activity across the board on the day was positive but muted .......

    SCIWire 23 March 2015

  • Euro secondary cools

    After a busy week the European secondary securitisation markets saw a quieter day yesterday and today looks likely to cool still further.

    Again, the bulk of yesterday's action surrounded BWICs most of which traded in line with expectations. Away from the lists it was major UK RMBS names that saw the most investor interest.

    Today, the tone remains positive, but .......

    SCIWire 20 March 2015

  • Euro secondary flows building

    Two-way flows in the European secondary securitisation market are continuing to build this week.

    "It's been very busy the last couple of days with a lot of BWICs and we're seeing flows building around that," says one trader. "There's been activity in peripherals, SMEs, UK non-conforming, CMBS - across the board really. Overall, the secondary market is continuing to take .......

    SCIWire 19 March 2015

  • US CMBS holds firm

    The US non-agency CMBS secondary market is holding firm ahead of today's Federal Reserve statement.

    "We've seen quite a few lists this morning ahead of the Fed," says one trader. "But that aside we're not seeing anything particularly unusual going through."

    Overall, the CMBS market continues with the firm tone of recent weeks. "Secondary spreads are holding steady with a .......

    SCIWire 18 March 2015

  • Euro primary drives secondary

    The European secondary securitisation markets are being driven by new issuance activity

    "We're taking our direction from the primary market, but secondary tone remains positive," says one trader. "For example, the initial wider guidance on the latest Paragon deal weakened secondary buy-to-let, but the deal priced tighter and then tightened on the break yesterday causing secondary spreads in the sector .......

    SCIWire 18 March 2015

  • Balloon date pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date fell in February, after a sharp rise in January and a large dip in December, according to Trepp. The latest reading is about 12 points lower than the January rate of 71.9%.

    The February rate stands at 59.5%, which is below the 12-month moving average of 65.4%. The .......

    News Round-up 17 March 2015

  • Euro ABS/MBS gets some momentum

    The European secondary ABS/MBS market is being given some momentum again today thanks to primary activity and an uptick in BWICs.

    "Supply has slowed down this week on BWICs after last week's high levels of activity, though there are a few now scheduled for today," says one trader. "At the same time, primary is really picking up, which is good .......

    SCIWire 17 March 2015

  • CMBS delinquencies edge up

    US CMBS delinquencies increased by 5bp in February to 4.77% from 4.72% a month earlier, according to Fitch's latest index results for the sector, due to a US$4.9bn decrease in the agency's rated universe. However, the dollar balance of late-pays was virtually unchanged at US$17.9bn.

    New CMBS delinquencies finished February at US$327m, up slightly from US$274m in January, but still .......

    News Round-up 16 March 2015

  • Euro ABS/MBS stays positive

    The positive tone in European ABS/MBS continued through to the end of last Friday and into today's open.

    Another healthy BWIC calendar on Friday appears to have been comfortably absorbed by the market though no covers have yet been released for the large CDO liquidation list. Market tone remained positive across the board with Portuguese paper the main beneficiary.

    Today .......

    SCIWire 16 March 2015

  • Waive, goodbye

    Penalty waiver leads to rapid pay-off

    The Pickwick Plaza loan securitised in GCCFC 2007-GG9 has paid off early, a month after it was modified to waive prepayment penalties (see SCI's loan events database). Although investors will typically be wary of such modifications, this case included an unusual claw-back provision.

    The pay-off is understood to have resulted in US$188m in principal proceeds to the trust .......

    News Analysis 13 March 2015

  • CMBS defeasance team bolstered

    Waterstone Defeasance has hired Steve Hall as md. He will work on developing institutional relationships related to the defeasance of existing CMBS and Freddie Mac loans, as well as providing development coverage for the firm in the states of North Carolina, Texas, New York, Florida and California.

    Previously, Hall was with Waterstone Asset Management, helping build and grow its CMBS .......

    Job Swaps 13 March 2015

  • Liquidation list looms

    The hectic pace in European secondary securitisation markets looks set to continue today with six BWICs currently due, but of those a large CDO liquidation list will dominate attention.

    Despite the heavy volume of BWICs yesterday, the market absorbed the supply and the majority of line items traded well. Off-BWIC the tone was also positive particularly for Portuguese and UK .......

    SCIWire 13 March 2015

  • Euro secondary BWICs surge

    European secondary securitisation markets continue to be focused on BWICs as today sees especially heavy volumes.

    There are already more than ten ABS/MBS BWICs circulating for trade today accounting over a 100 line items. "There is a wide mix of sellers including asset managers and hedge funds across a wide range of assets, plus there are a few CLO lists .......

    SCIWire 12 March 2015

  • US secondary cools down

    After a hectic start to the week US secondary markets have cooled down today.

    "It's a relatively slow day today," says one trader. "We had decent volume yesterday, but that's slipped away today."

    Nevertheless, the recent positive tone remains, the trader suggests. "The market feels in very decent shape and things are looking good for next week - we've had .......

    SCIWire 11 March 2015

  • Consultant director tapped

    CREFC Europe has hired Hans Vrensen as consultant director for research and education. His role will involve sourcing or providing up-to-date industry statistics and research to underpin the organisation's work, with a major additional focus on developing its training and educational offering for those involved in the European CRE lending market.

    Prior to joining CREFC Europe, Vrensen was global head .......

    Job Swaps 11 March 2015

  • Dutch prime slows as CLOs pick up

    European secondary markets continue to see discrete activity with Dutch prime the latest area to see a slowdown as some European CLOs get a boost. Meanwhile, this week's heavy BWIC calendar continues to roll on.

    "The price guidance for the new STORM deal, which is wider than secondary, hasn't pushed spreads wider as some thought but it has put the .......

    SCIWire 11 March 2015

  • Exchangeable tranches upgraded

    Moody's has upgraded by one notch the ratings of exchangeable classes in 11 US CMBS that were securitised in 2012 and 2013. The move reflects an error correction.

    The affected notes are EC, PEZ or PST tranches issued by: COMM 2012-CCRE2 and 2012-CCRE3; JPMCC 2012-LC9; GSMS 2013-GCJ14; MSBAM 2012-C5, 2012-C6, 2013-C9, 2013-C10 and 2013-C11; and UBSBB 2012-C2 and 2013-C5. The .......

    News Round-up 10 March 2015

  • Focus returns to European ABS/MBS secondary

    After a quiet few days, the European ABS/MBS secondary markets could see a pick-up in activity today as focus shifts away from primary.

    "ABS continues to grind tighter although secondary volumes have been low," says one trader. "The focus has mainly been on primary in the last few days, but that could end up having some impact - talk on .......

    SCIWire 10 March 2015

  • US CMBS sectors stabilise

    The US CMBS office and retail sectors are stabilising, with moderate improvement in overall fundamentals, says Fitch. Additionally, hotel and multi-family sectors continue to have stable outlooks as they have shown strong income growth over the past five years.

    The rating agency says the office sector continues to show moderate improvement due to a number of factors including job gains .......

    News Round-up 9 March 2015

  • CMBS 2.0 properties auctioned

    Auction.com and RealCapitalMarkets.com data indicates that 66 CMBS properties with US$475m in balance and 23 distressed loans with US$95m in balance are up for auction in March and April. Among these loans, the US$14.7m The Hills property securitised in GSMS 2011-GC5 is one of the first 2.0 distressed properties to be auctioned.

    The loan turned delinquent and became REO in .......

    News Round-up 9 March 2015
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