CMBS

  • 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

  • Short-duration trades touted

    Around €4.4bn of EMEA CMBS loans are scheduled to mature in 2015, with about half of them expected to repay at maturity. Many of these loans are large and could result in significant principal payments for senior noteholders.

    About €2.3bn of the loans maturing this year have already prepaid, but a few good quality candidates remain that are very likely .......

    News 12 February 2015

  • Valuation RFPs issued

    The US NAIC has released RFPs from vendors to produce valuations for state insurance regulators to set risk-based capital requirements for CMBS and RMBS owned by US-domiciled insurance companies. Responses to the RFPs are due on 10 March.

    Consistent with NAIC policy, the association periodically submits third-party contracts to competitive rebidding. Blackrock Solutions and PIMCO have been providing the valuations .......

    News Round-up 12 February 2015

  • CMBS default decline analysed

    Fitch says that the marginal decline of loans in default/special servicing in 4Q14 as a percentage of its rated EMEA CMBS portfolio does not signal a change in maturity trends for legacy transactions. The number of loans maturing in 2015 is small compared with those that matured in 2013 and 2014; however, the majority of loans continue to default at .......

    News Round-up 12 February 2015

  • Euro ABS/MBS dampens down

    Secondary European ABS/MBS activity has dampened down once more as participants step away amid broader market volatility.

    "Flows are again relatively light," says one trader. "There's some concern over Greece and to a lesser extent Ukraine, which is keeping things pretty static in ABS."

    Core bonds remain the main focus of the ABS/MBS market with spreads grinding ever tighter led .......

    SCIWire 12 February 2015

  • US CMBS ticking over

    While most US secondary structured finance markets have been all but non-existent during the Vegas conference, the non-agency CMBS market has been ticking over.

    Spreads have remained broadly unchanged throughout the week, but volumes have been reasonably healthy. Today's BWIC schedule looks set to reach around the $200m mark as it did yesterday after seeing just over half that Monday.

    SCIWire 11 February 2015

  • Euro ABS/MBS picks up

    Despite the lack of BWIC supply activity picked up in European ABS/MBS yesterday and into this morning.

    Dutch and UK RMBS, both prime and non-conforming, Italian RMBS and UK autos are all seeing strong appetite again from both buy- and sell-side players. Consequently spreads in those sectors are edging in or holding tight.

    Elsewhere the story is more mixed with some .......

    SCIWire 11 February 2015

  • Retail hits

    The US CMBS market was last week hit by a double-whammy of negative news, as RadioShack filed for bankruptcy and Staples announced plans to acquire Office Depot. However, the ensuing store closures are anticipated to have only a minor impact on CMBS transactions, despite the sector's large exposure to the retailers.

    Staples expects its acquisition of Office Depot to deliver .......

    News 11 February 2015

  • To BWIC, or not to BWIC

    A large, diverse block of European bonds came out for the bid last week, but in an untraditional way. The bonds were offered on a BWIC without a deadline, leading some investors to describe it more as a controlled liquidation than a true bid-list.

    "It is a very unusual way to present bonds to the market. Obviously investors are used .......

    News 10 February 2015

  • Light flows in European ABS/MBS

    The light flows seen in European ABS/MBS secondary markets yesterday look set to continue in to today.

    Yesterday saw only patchy activity across deal types with Dutch and UK prime leading the way alongside autos. UK non-conforming saw less action than of late and Greek paper took some hits, but overall spreads stayed steady despite broader market volatility.

    The ABS/MBS BWIC .......

    SCIWire 10 February 2015

  • Loss severity tumbles

    Trepp says that overall loss severity in disposed US CMBS loans decreased significantly in January, dropping by more than 13% to 37.09%. Contributing to the sharp decline was an up-tick in small losses on large loans like the Parkoff Portfolio, which managed to pay off early with minimal damage to the loan itself (see SCI's CMBS loan events News Round-up 9 February 2015

  • Euro secondary mixed

    Last week's positive tone across European secondary has followed on into this for most deal; types and jurisdictions, but there are some exceptions.

    Dutch and UK prime, UK non-conforming and Italian RMBS continue to be better bid. At the same time buy-side demand for CLOs is on the rise across the capital stack.

    Conversely, Greek paper continues to be impacted .......

    SCIWire 9 February 2015

  • CMBS pay-offs bounce back

    The percentage of US CMBS loans paying off on their balloon date rebounded in January after a sharp drop in December, according to Trepp. The latest reading is about 25 points higher than the December rate of 49.6%, which was the lowest reading since July 2012.

    The January rate was 71.9%, which is above the 12-month moving average of 66.1%. .......

    News Round-up 6 February 2015

  • Euro ABS/MBS holds firm

    Away from Greece secondary European ABS/MBS spreads are holding firm.

    Core bonds continue to grind tighter and peripheral spreads are holding up well on the back of broad-based demand. Areas of focus remain Dutch prime, UK non-conforming and Italian RMBS.

    The BWIC calendar so far today is again relatively light with a fair number of line items only offered in small .......

    SCIWire 6 February 2015

  • Rating requirements pose questions

    The US SEC's decision to bar S&P from rating new issue conduit CMBS until next year (SCI 22 January) presents a conundrum, as many money managers require either an S&P or a Moody's rating. Moody's comparatively high subordination requirements in order for an AS tranche to be rated Aaa could therefore affect how future deals are structured.

    Moody's last week .......

    News 5 February 2015

  • Greek RMBS hit again

    Volatility in broader markets has fed through into Greek RMBS this morning, but elsewhere in European ABS/MBS spreads are steady.

    Sellers are outnumbering buyers in Greek RMBS this morning on the back of the ECB implementing further funding restrictions to the country's banks. GRIF 1 A is currently quoted at 65 bid - down over two points today and a .......

    SCIWire 5 February 2015

  • Lull for US CMBS

    The secondary US non-agency CMBS market is currently going through something of a lull.

    "Yesterday was slow and today is reasonably quiet, though a few more BWICs are coming out now," says one trader. "There doesn't appear to be any significant reason why."

    At the same time, CMBS spreads are holding steady with no dramatic drivers to disturb them. "Right .......

    SCIWire 4 February 2015

  • Ratings group bolstered

    Peter Simon has joined Fitch as a director in its CMBS ratings group in New York, with a focus on new conduit deals. He had previously been with Moody's since October 2010, most recently as a CMBS analyst.

    .......

    Job Swaps 4 February 2015

  • Structured finance group poached

    Alston & Bird has expanded its finance practice with the hiring of four new partners and four additional attorneys in Dallas. The group brings with it considerable real estate and structured finance experience.

    The new partners are Mark Harris, Charles Marshall, Peter McKee and Patrick Sargent. Also joining the firm are three counsel - Michael Jewesson, Jonathan Rini and Karen .......

    Job Swaps 4 February 2015

  • RFC issued on global CMBS

    S&P has requested comments on its proposed methodology and assumptions for rating CMBS transactions outside of jurisdictions with specific CMBS criteria (the US, Canada, Europe and Japan). The agency expects the proposals to have no effect on any outstanding ratings.

    The criteria of the proposal would apply to all new and existing CMBS transactions. In jurisdictions where S&P has published .......

    News Round-up 4 February 2015

  • CMBS delinquencies down again

    The Trepp delinquency rate for US CMBS loans is now 5.66%, down by 9bp in January and 159bp from the level a year ago. This drop marks the eighteenth time the rate has decreased in the last 20 months.

    In January, US$1.2bn in previously delinquent CMBS loans paid off either at par or with a loss and over US$500m in .......

    News Round-up 4 February 2015
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