CMBS

  • Large lists lift Euro CMBS

    European CMBS secondary supply is being boosted by sizeable bid-lists, with paper trading today and set to trade tomorrow as well. A degree of weakness seems to have set in, with enhanced supply likely to exacerbate that.

    "There is hardly any client activity and right now it feels pretty weak, but the BWICs keep coming in decent size. Some of .......

    Market Reports 18 November 2014

  • Westfield AJ losses threatened

    The US$240m Westfield Centro Portfolio, securitised in JPMCC 2006-LDP7, has received an updated appraisal at US$139m in November remittance after transferring to special servicing in May 2014. The appraisal represents a steep fall from the appraisal at origination in 2006 and threatens AJ shortfalls and heavy losses or a large hope note modification for the trust, according to Barclays Capital .......

    News Round-up 18 November 2014

  • CMBS supply keeps coming

    Sizeable European CMBS BWICs today and tomorrow are keeping the market active in the run-up to the much-anticipated announcement from the ECB. For all the activity, the central bank's update on Thursday remains the market's primary focus.

    "There is hardly any client activity and right now it feels pretty weak, but the BWICs keep coming in decent size. Some of .......

    SCIWire 18 November 2014

  • Hogg joins B2R

    B2R Finance has named Jason Hogg as ceo. He will provide strategic direction to support B2R's expansion, building a platform of products and services to accommodate the demands of residential investors.

    Hogg has held a number of senior positions, including president of American Express Serve Enterprise, coo of Medsite and chief business development officer for MBNA Canada. He is also .......

    Job Swaps 18 November 2014

  • Europe stays patchy

    European core and peripheral bonds across deal types continue to trade well where they do trade, but activity remains patchy and looks set to carry on that way.

    "It's very quiet and I think it's more than just people waiting on the ECB," says one trader. "A lot of trading desks have essentially closed for the year and are not .......

    SCIWire 14 November 2014

  • European eclectic list circulating again

    A 37 line €276.502m BWIC is circulating for trade next Wednesday at14:00 London time. The list incorporates a wide range of assets - ABS, CDOs (including Trups and CFO deals), CLOs, CMBS and RMBS - many of which appeared on an eclectic list where most items failed to trade on 17 September.

    There are two ABS deals on the list .......

    SCIWire 13 November 2014

  • Two added to head fund

    Nomura Asset Management has added Richard Hodges and Ben Bugg to its global fixed income team. They will head the Global Dynamic Bond Fund, which Nomura plans to launch in early 2015.

    Hodges joins NAM from Legal & General Investment Management (LGIM), where he held the role of head of high alpha fixed income. During his tenure, Hodges launched and .......

    Job Swaps 13 November 2014

  • Blackrock add CMBS researcher

    Blackrock has added Deniz Yegenaga to focus on CMBS in its London-based research team. Yegenaga arrives after eight years at Moody's, where she rated CMBS transactions as an analyst in the agency's structured finance group.

    .......

    Job Swaps 13 November 2014

  • Resolutions continue apace

    November remittances so far suggest that BSCMS 2005-PW10's delinquent pipeline has been cleaned out, while JPMCC 2007-CB19 appears to have been hit by unusually large interest shortfalls.

    Four properties with US$162.7m in balance were liquidated from BSCMS 2005-PW10 for US$59.8m in gross proceeds. Barclays Capital CMBS analysts note that total losses realised accumulated to US$114.6m at a 70% severity, after .......

    News Round-up 13 November 2014

  • CMBS supply up, spreads wider

    US CMBS spreads widened out a little yesterday as BWIC supply picked up from the quiet start to the week. SCI's PriceABS data captured a couple of pre-crisis names as well as a list of post-crisis ones.

    BWIC volume for the session was over US$270m. Among the CMBS 1.0 tranches contributing to that total was BACM .......

    Market Reports 13 November 2014

  • More of the same for European ABS/MBS

    The European secondary markets remain fixated with the ABSPP and so expectations are for the same trading patterns to continue until the buying starts.

    Yesterday saw a more active day than of late in European ABS/MBS but the end result was once again spread tightening in ECB-eligible paper. Today looks to be slightly busier still, but little else is expected .......

    SCIWire 13 November 2014

  • Bellwether adds CMBS vet

    Laurie Morfin has joined Bellwether Enterprise as svp, where she will be based in the company's Irvine, California office. Morfin has 18 years of CRE finance experience and joins Bellwether from Prudential Mortgage Capital Company.

    While at Prudential, Morfin was responsible for the direct origination of multifamily debt on behalf of Freddie Mac, Fannie Mae, the FHA, Prudential's general account .......

    Job Swaps 12 November 2014

  • Europe shaking off its slumber?

    European secondary markets are attempting to shake off their pre-ABSPP slumber this morning with activity and interest being seen across asset classes.

    After a quiet couple of days, traders report increased investor buying interest in both core and peripheral CMBS and RMBS. "Everything feels a bit more pro-active today and we've moved a bit tighter as a result," says one.

    SCIWire 12 November 2014

  • Critical mass

    RPL securitisations gaining traction?

    Increasing supply, combined with the high yields on offer is pushing US re-performing loans (RPLs) closer to becoming a mainstream securitisation asset. Concerns remain over the lack of information provided on such loans, however.

    A recent Barclays Capital analysis found that around US$658bn in US non-performing loans (NPLs) is circulating, with a further US$500bn-$600bn in re-performing loans estimated to be .......

    News Analysis 11 November 2014

  • Balloon date pay-offs jump

    The percentage of US CMBS loans paying off on their balloon date jumped sharply in October to 72.5%, according to Trepp. This is almost 20 points higher than the September rate of 53.3% and is the highest reading since May.

    In addition, the rate came in above the 12-month moving average of 68.8%. The highest rate in the last five .......

    News Round-up 11 November 2014

  • Embracing change

    Investor base limiting European CMBS growth

    European CMBS investors have this year embraced a wider variety of property types and jurisdictions, as well as greater complexity in terms of multiple loans from unrelated sponsors. However, while the product also appears to be increasingly outcompeting bank lender financing, the size of the investor base is expected to limit issuance volumes in the near term.

    European CMBS deal .......

    News Analysis 11 November 2014

  • Workspace resolution to hit class Cs

    The sale of the final four properties of the £25.86m Workspace Portfolio loan, securitised in Eclipse 2007-1, has been completed for a purchase price of £8.6m. Trepp notes that expected net recovery proceeds will likely result in a principal loss of at least £17.26m, resulting in the full write-down of the class D notes and a partial write-down of the .......

    News Round-up 11 November 2014

  • Euro ABS/MBS unmoved

    The European ABS/MBS markets are so far unmoved by confirmation that next week will see the start of the ABSPP.

    In a speech late yesterday ECB board member Yves Mersch confirmed that the ECB will be ready to starting buying ABS next week. Market speculation is now that 19 November will see the first purchases.

    Spreads were unchanged on the .......

    SCIWire 11 November 2014

  • Delinquencies down on Rubloff resolution

    Continued loan resolutions resulted in another month of declines for US CMBS delinquencies, according to Fitch's latest index results for the sector. This marks the sixth straight month that the rate has remained below 5%.

    CMBS late-pays fell by 7bp in October to 4.70% from 4.77% in September. Resolutions of US$721m continued to outpace new additions to the index of .......

    News Round-up 10 November 2014

  • Rating shopping persists

    Regulatory reforms have failed to end to the practice of rating shopping in the US securitisation markets since the financial crisis, according to Morningstar. Arrangers and issuers continue to control the selection of credit rating agencies and their hiring decisions are based primarily on which CRAs offer the highest ratings or demand the least stringent requirements for attaining a specified .......

    News Round-up 10 November 2014

  • CMBS BWIC matches investor interest

    A European CMBS BWIC due for trade later today is expected to go well as it matches recent investor interest.

    The two line auction is due at 14:00 London time and consists of €5m of DECO 2007-E5X D and £6.35m of NEMUS 2006-2 E. Neither bond has traded with a price on PriceABS this year.

    "We've been seeing increasing investor interest .......

    SCIWire 10 November 2014
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