CMBS

  • 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

  • GG9 auction relisted

    Auction.com and RealCapitalMarkets.com data indicates that 45 properties backing US$417m distressed US CMBS loans are up for auction in February and March. Barclays Capital CMBS analysts note that some of the loans, primarily securitised in GCCFC 2007-GG9, were previously out for bid in the US$250m year-end auctions and appear to be relisted.

    The largest exposure in the latest auctions is .......

    News Round-up 4 February 2015

  • INFIN SOPR trades up

    A flash BWIC on INFIN SOPR A traded up this morning.

    The 10:00 London time auction saw €8m of INFIN SOPR A circulated for a quick sale as market prices had started to reverse on the CMBS deal previously hit by valuation concerns. The piece covered at VL93 versus market levels that had moved from 92a at yesterday's open to .......

    SCIWire 4 February 2015

  • Floodgates open

    Quelle case sparks further negligent valuation claims

    The recent landmark Titan Europe 2006-3 ruling affirmed that an issuer can have a legal basis for a negligence claim against a property valuer. The decision may prompt further cases to come forward and encourage a fresh set of standards for CMBS 2.0 deals.

    In the Titan case, the UK High Court found that Colliers International negligently overvalued the Quelle .......

    News Analysis 4 February 2015

  • CMBS franchise eyed

    Sandler O'Neill and Partners has appointed David Cook and Andrew Flick as mds, focusing on building a CMBS franchise at the firm. They will report to Alan Roth, a principal in Sandler O'Neill's fixed income sales and trading group.

    The pair joins the firm from Brean Capital, where they established a CMBS business. Before Brean, Cook was head of CMBS .......

    Job Swaps 3 February 2015

  • Euro ABS/MBS keeps steady

    The European ABS/MBS secondary markets maintained their steady head of steam through yesterday and into today.

    While spreads continue to hold in across the board, two areas were involved in notable price action - UK non-conforming RMBS, which saw a further increase in activity and traded strongly off- and on-BWIC yesterday, and CMBS deal INFIN SOPR.

    "There was a drop in valuation .......

    SCIWire 3 February 2015

  • Defeasance, prepays up for CMBS 2.0

    CMBS 2.0 borrowers continue to take advantage of low interest rates and improving property performance as the pace of defeasance and prepayments increase, Fitch notes. The agency expects this trend to continue as interest rates remain low and the CRE market remains stable.

    By securitised balance, US$9.3bn CMBS 2.0 loans have refinanced since issuance, consisting of US$7.2bn in prepayments, US$2bn .......

    News Round-up 2 February 2015

  • CRE origination bolstered

    CCRE has expanded its loan origination team with the appointment of Christof Laputka as director. He will head operations for the San Francisco office, focusing on loan origination and expanding the firm's ability to serve clients on the West Coast.

    Laputka previously served as director at UBS, where he focused on CMBS origination, fixed and floating rate interim financing, equity .......

    Job Swaps 2 February 2015

  • Positive tone continues in European ABS/MBS

    The European ABS/MBS secondary markets held onto their positive tone into the end of last week and the start of this.

    As expected, European secondary volumes were low on Friday due to a combination of month-end and continued broader market concerns over Greece and oil prices keeping many investors on the sidelines. However, ABS/MBS spreads were either unchanged or slightly .......

    SCIWire 2 February 2015

  • Conduit credit quality eyed

    The credit quality of US CMBS conduit loans continued to decline, while conduit loan leverage expanded to a new high for second-generation loans in 4Q14, says Moody's. The agency anticipates that the decline will continue in 1Q15.

    As more conduit loans in 2015 approach 2007 leverage levels that exceed the pre-crisis peak of about 120% Moody's loan-to-value (LTV) ratio, Moody's .......

    News Round-up 30 January 2015

  • Mixed signals in CMBS

    The unexpectedly wide pricing of Taurus 2015-1 IT has raised some concerns in the European CMBS market. However, secondary market activity has been fairly strong this week.

    "The last fortnight has been more positive in the market, with activity picking up. However, the Greek situation has made clients a bit wary of doing too much, so we are seeing trading .......

    Market Reports 30 January 2015

  • Euro secondary stays firm

    Despite broader market volatility European secondary spreads held firm throughout yesterday and into today.

    The large volume of BWICs dominated the market yesterday, but all traded at or above talk. Off the back of the lists and in secondary more broadly there was healthy activity notably again in UK non-conforming and buy-to-let RMBS as well as increased, but patchy, trading around .......

    SCIWire 30 January 2015

  • Mass migration for new CMBS team

    SG has launched a US CMBS business after hiring a team of seasoned CMBS professionals from RBS. The team will engage in the full range of CMBS activities from origination to distribution and includes new head of CMBS Wayne Potters.

    Potters was most recently head of RBS's CRE Group. He has also worked at Fortress, Merrill Lynch and Credit Suisse .......

    Job Swaps 29 January 2015

  • Euro ABS/MBS scope broadens

    ECB-eligible ABS/MBS are mostly continuing their rise but non-eligible bonds are also finding buyers.

    Yesterday and this morning has seen further strengthening across most European ABS/MBS with the exceptions of Greek RMBS, which continues to drift wider, and Portuguese paper that retraced some of the gains made over previous sessions. Dutch bonds continue to lead the way grinding ever tighter, .......

    SCIWire 29 January 2015

  • Euro secondary activity up

    The European secondary markets are seeing increased activity across jurisdictions and securitisation asset classes.

    "There have been good two-way flows over the past two days," confirms one trader. "Most price levels are up in ABS, CLOs and MBS."

    Dutch prime paper continues lead the way hitting record lows again yesterday. For example, a five-year DOLPH senior covered at around 25 .......

    SCIWire 28 January 2015

  • Euro CMBS BWICs to the fore

    Today and tomorrow sees a flurry of European CMBS BWICs amid increasing interest off-BWIC in both core and peripheral bonds.

    This morning saw a €3m single line of DECO 2014-GNDL D in for the bid. The bond traded strongly covering at 100.663.

    Next up at 14:00 London time is a mixed list containing £2.13m current face across three tranches - .......

    SCIWire 27 January 2015

  • Special servicing activity examined

    Moody's reports that the number of EMEA CMBS loans in special servicing decreased by three in December, following the removal of the loans, and there were no new transfers. At the end of the month, 142 loans were in special servicing, representing approximately 26% of the total balance of loans in Moody's sample.

    Among the highlights for the month was .......

    News Round-up 23 January 2015

  • Euro ABS/MBS slips into gear

    After a brief pause to digest the ECB's QE announcement yesterday, the European ABS/MBS has slipped back into gear.

    The wholesale buying activity seen in broader markets has not been seen in ABS/MBS, but two-way flows were evident across asset classes from mid- to late-afternoon yesterday and the tone remains positive this morning. Peripherals in particular benefitted from increased activity .......

    SCIWire 23 January 2015

  • Euro ABS/MBS unmoved

    The ECB's QE announcement earlier has found favour elsewhere, but the European ABS/MBS market is unmoved.

    "There has been no ABS market reaction to the news, literally nothing," says one trader. QE was to an extent already priced into the market but there could even be an eventual adverse reaction, the trader suggests. "Obviously the fear is now that the .......

    SCIWire 22 January 2015

  • Interactive CMBS tool introduced

    Fitch has launched a new offering that seeks to improve transparency on new US CMBS transactions. The Interactive Deal Tool (IDT) allows investors to view Fitch's loan-level analysis and assumptions across all properties in new CMBS deals while affording them several new features and benefits, including a sensitivity analysis tool.

    The IDT is launched via a button located at the .......

    News Round-up 22 January 2015

  • Ratings probe settled

    The US SEC, in conjunction with the New York and Massachusetts Attorneys General, has fined S&P US$77m and banned it from rating new issue conduit CMBS for one year. The move is expected to have a minimal effect on the CMBS market, however.

    The settlement resolves an investigation into six US conduit CMBS that S&P rated in 2011 and two .......

    News 22 January 2015
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