CMBS

  • European BWIC boom

    After a quieter day on the BWIC front yesterday European securitisation markets are set for a boom in auction activity today.

    While there were fewer BWICs yesterday than in previous days clearing levels remained strong and most recently popular sectors continue to be well-bid. However, UK non-conforming RMBS have softened a little on the back of increased primary activity.

    Today .......

    SCIWire 26 February 2015

  • CMBS 2.0/3.0 watchlistings eyed

    February US CMBS remittance data indicates a significant up-tick in the number of post-crisis loans that were watchlisted by master servicers for potential performance concerns. The rise in overall new watchlistings is a sign of deteriorating performance and is worth heeding if they lead to an increase in special servicing transfers, according to Barclays Capital CMBS analysts.

    US$2.1bn of post-crisis .......

    News 26 February 2015

  • Euro ABS/MBS keeps active

    The European ABS/MBS secondary markets continue to be active across an increasing range of sectors.

    "Yesterday was busy again especially in prime, but we're seeing good two-way flows across a growing number of well-supported markets," says one trader. "That continues to involve Dutch and UK prime and Italian RMBS, but we're also seeing increased activity in UK non-conforming, where real .......

    SCIWire 25 February 2015

  • RadioShack exposure gauged

    RadioShack has outlined a list of almost 1800 stores that it intends to close due to its bankruptcy (SCI 11 February), including 191 properties across 130 US CMBS backed by 185 loans with a balance of approximately US$2.4bn. However, Barclays Capital CMBS analysts note that the allocated loan balance of the properties is US$940m, with only US$33m of the properties .......

    News Round-up 25 February 2015

  • BWICs drive European secondary

    BWICs held sway once more in European secondary markets yesterday as spreads ground ever tighter and today looks set to be similar.

    "We saw seven lists yesterday afternoon and they all traded well," says one trader. "Greece continues to dominate the broader market, but ABS remains insulated from the volatility and the tone continues to be stable and strong on .......

    SCIWire 24 February 2015

  • CMBS sub debt proliferating

    Subordinated commercial real estate loans have emerged as a compelling alternative for investors seeking higher yields while targeting specific credit opportunities. Coupled with looser underwriting standards, this has driven an increase in the volume of US CMBS 2.0 conduit loans with subordinated debt - a trend that is expected to continue.

    Of the 49 CMBS 2.0 conduit deals issued in .......

    News 23 February 2015

  • Euro secondary stays strong

    European secondary securitisation markets continue to trade well despite the Greek rollercoaster impacting other markets.

    A flurry of BWICs added to the calendar on Friday took market attention, but further strong prints were seen across deal types and jurisdictions. There has even been an upswing for some Greek RMBS names - for example, dealer quotes for GRIF 1 A have .......

    SCIWire 23 February 2015

  • CMBS metrics diverging

    New issue and legacy US CMBS metrics continue to diverge, says Fitch. New issue metrics continued to decline in 4Q14, while the metrics of legacy US CMBS improved.

    The percentage of new issue full and partial interest-only loans in Fitch-rated transactions rose by 5% last quarter. The increase was driven by an approximately 4% increase in full IO loans. In .......

    News Round-up 20 February 2015

  • CMBS best practices released

    CREFC has published new best practices addressing a variety of issues in the CMBS market. Effective immediately, the standards have been developed in conjunction with industry participants in the interest of further enhancing data consistency, transparency and efficiency across the market.

    The six new best practices include promoting the reporting of consistent and timely details by special servicers regarding loan .......

    News Round-up 20 February 2015

  • CRE performance positive

    All US CRE sectors performed well in 4Q14, according to Moody's. The agency says performance was supported by the country's economic recovery and stable inflation.

    Moody's base expected loss for conduit/fusion CMBS transactions fell to 7.6% in 4Q14 from 8.2% in 3Q14. The overall share of specially serviced conduit loans decreased by 5bp to 7.32% in 4Q14 from 7.37% in .......

    News Round-up 20 February 2015

  • Euro secondary closes quietly

    European secondary securitisation markets continue to remain insulated from broader market volatility and after a busy week look set to close it out quietly.

    BWIC activity dominated across the board yesterday with bilateral trading taking a back seat. The majority of ABS, CLOs and MBS on lists saw strong execution once more.

    Today's European auction schedule is considerably quieter with only .......

    SCIWire 20 February 2015

  • EMEA losses better US rate

    The estimated total losses from European securitisation bonds are small relative to those of the US, according to Fitch. Total losses on Fitch-rated EMEA securitisations issued from 2000 to 2014 are expected to be 0.7%, compared to 4% globally.

    Fitch says that a breakdown of the overall figures provides further evidence that securitisations have not performed as a homogenous investment .......

    News Round-up 18 February 2015

  • CMBS production strengthened

    Ted Nasca has joined Greystone as md, focusing on establishing a stronger CMBS presence for the firm in the central states through Texas. He will report to Robert Russell, head of production for Greystone's CMBS group.

    Nasca joins Greystone from Guggenheim CRE, where he was responsible for originating life company, CMBS and agency loans in the central region of the .......

    Job Swaps 18 February 2015

  • Marginal decrease in maturity defaults

    The 12-month rolling European CMBS loan maturity default rate for S&P's rated universe decreased slightly to 29.9% from 30.5%, as of end-January. However, the overall senior loan delinquency rate increased to 51.4% from 50.8%.

    The delinquency rate for continental European senior loans increased to 64.9% from 63.2% in January. The rate for UK loans decreased to 22.8% from 23.8%.

    The .......

    News Round-up 18 February 2015

  • Euro secondary remains robust

    European secondary securitisation markets are staying robust despite continuing broader volatility around Greece.

    "The ABS/MBS market is strong," confirms one trader. "The core space continues to grind tighter and it's almost impossible to buy paper - the UK and euro is extremely well bid. At the same time, peripherals are unchanged to slightly better."

    Overall, ABS/MBS flows are increasing, albeit .......

    SCIWire 18 February 2015

  • Call for comments on TRACE expansion

    The comment period on FINRA's proposal to expand TRACE trade reporting to include CMBS securities, as well as CMOs and CDOs, began last week. The proposal calls for trades to be reported 15 minutes after execution on a CUSIP basis with price information, similar to reporting for consumer ABS.

    However, only trades sized at below US$1m would be reported in .......

    News Round-up 17 February 2015

  • Euro ABS/MBS keeps calm

    As anticipated with the US holiday the European/ABS secondary market was reasonably calm yesterday and that has extended into this morning despite the news around Greece.

    "We've not seen much action since the Greek discussions collapsed," says one trader. "Overall spreads have remained pretty stable."

    The trader continues: "For the moment the market is quiet, though we're hopeful it'll take .......

    SCIWire 17 February 2015

  • Delinquencies at post-recession low

    New US CMBS delinquencies began 2015 at a post-recession low, according to Fitch's latest index results for the sector. CMBS late-pays finished January at just US$274m, down from US$554m in December and a peak of US$6.6bn in January 2010.

    Total outstanding delinquencies finished last month at US$17.9bn, down by US$517m from US$18.4bn at year-end 2014. Resolutions in January outpaced new .......

    News Round-up 16 February 2015

  • CMBS credit enhancement rising

    Declining US CMBS deal metrics in 4Q14 have set the stage for higher credit enhancement levels in 2015, according to Fitch. Last quarter saw a sizeable jump in Fitch-quoted credit enhancement for triple-A (up by 103bp) and triple-B minus (32bp) rated CMBS tranches.

    Driving Fitch's increase in CMBS credit enhancement were deals that had poorer debt service coverage ratios and .......

    News Round-up 16 February 2015

  • Peripherals take attention

    Peripheral paper is receiving increased attention in the European ABS/MBS secondary market.

    On the back of strong prints on Friday and positive market tone at today's open, prices in major name peripheral bonds edged upwards first thing this morning. Focus revolved around Greek, Italian and Portuguese paper, though the former is likely to remain highly volatile.

    At the same time, .......

    SCIWire 16 February 2015

  • Euro ABS/MBS returns to form

    After an up and down week in terms of activity the European ABS/MBS secondary markets have returned to form.

    Flows across the secondary market increased yesterday in both bilateral trades and BWICs as lists were added throughout the day. Most names saw strong trading levels and that positive tone has extended into this morning.

    The recent favourite sectors continued to .......

    SCIWire 13 February 2015
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