CMBS

  • Euro ABS/MBS stay steady

    European ABS/MBS spreads held steady yesterday albeit in relatively quiet markets. More of the same is expected today, but all eyes are on a large liquidation BWIC on Tuesday.

    Currently buyers just edge it over sellers in both core and peripheral ABS/MBS bonds across secondary, with UK RMBS and Italian names seeing the most interest. However, there has been less .......

    SCIWire 24 October 2014

  • Illiquid action

    The CDO and CLO markets are attracting plenty of sellers at the moment, particularly in illiquid bonds.

    "We're seeing a lot of selling in illiquid off-the-run assets - primarily ABS CDOs, Trups CDOs and distressed CMBS," says one trader. "It's the time of year where legacy portfolios are looking to square away their books and decide whether to lighten them .......

    SCIWire 23 October 2014

  • Legal dispute hits Creekside loan

    The US$25m Creekside Mixed Use Development loan, securitised in COMM 2014-UBS2, has become 60-days delinquent and entered foreclosure status. The loan was transferred to special servicing due to a legal dispute between the owner, Strathmore Development Co, and the loan trustee over unpaid reserve account funds.

    CMBS strategists at Deutsche Bank note that the property is performing solidly: it remains .......

    News Round-up 23 October 2014

  • Change of tone in US CMBS

    The US CMBS market is already showing a different tone to that seen last week.

    "The market is all over the place today," says one trader. "There are a lot of BWICs coming out all of a sudden, so there are plenty of sellers, which is very different to last week."

    He continues: "It looks like we're going to feel .......

    SCIWire 20 October 2014

  • Quiet start for European ABS/MBS

    It's been a quiet start to the week this morning for European ABS/MBS with many players focusing on the first day of CBPP3 in an effort to get some insight in to how ABSPP might work.

    However, there has been some patchy off-BWIC trading in both CMBS and RMBS. Activity has been seen in both core and peripheral bonds.

    So .......

    SCIWire 20 October 2014

  • Dissemination impact examined

    The US SEC has published analyses of data on the reporting and dissemination of security-based swap transaction information. The release forms part of the comment file for rules proposed by the Commission on the reporting and dissemination of security-based swap transaction information.

    The analyses were conducted by staff in the SEC's Division of Economic and Risk Analysis and Division of .......

    News Round-up 20 October 2014

  • Cautious optimism in European ABS/MBS

    Some cautions optimism has returned to the European ABS/MBS market since late yesterday and into this morning.

    Yesterday saw spreads widening across the board throughout most of the day before they pulled all the way back following stronger than expected US economic news and ECB comments suggesting ABSPP buying by December. However, liquidity was poor as investors showed caution as .......

    SCIWire 17 October 2014

  • New bond fund for Bowie

    TwentyFour Asset Management is set to launch an open-ended UCITS bond fund in early December, run by former Ignis head of credit Chris Bowie, who joined the firm last month. Bowie's move appears to be a signal of intent by the firm to begin branching out into the corporate bond market, based on his successful track record managing the Ignis .......

    Job Swaps 17 October 2014

  • Management shuffle at Invitation Homes

    Invitation Homes has named Bryce Blair as executive chairman of the board and John Bartling as president and ceo, effective on 3 November. Nick Gould, a co-founder of and major investor in the company - who has served as ceo since 2012 - becomes vice-chair of the board.

    Blair is the former chairman of the board and ceo of AvalonBay .......

    Job Swaps 16 October 2014

  • Expected losses published

    KBRA has published its expected losses for the 2005-2008 CMBS vintages using data from its monthly credit profile reports. The losses represent agency's 'concluded scenario', or expected case, based on what its analysts determine to be the most plausible value for the collateral securing credit-impaired loans, given current market conditions.

    The concluded losses have been aggregated by vintage, along with .......

    News Round-up 16 October 2014

  • Colony debuts multifamily CMBS

    Colony Financial is prepping a non-agency multi-borrower multifamily CMBS, which is believed to be the first of its kind. Dubbed Colony Multifamily Mortgage Trust Series 2014-1, the US$320.81m transaction is collateralised by 301 fixed-rate loans secured by 307 properties.

    Approximately 73.8% of the pool was acquired from Fannie Mae and has an average seasoning of 87 months. The remaining loans .......

    News Round-up 16 October 2014

  • Knock-on impact felt

    European ABS, CLO and MBS secondary markets are continuing to feel some knock-on impact from the current broad market volatility.

    Trading was patchy yesterday with most sectors trading wider as buyers continued to be harder to find. Hardest hit were non-ABSPP eligible bonds and UK non-conforming paper.

    Dutch RMBS also continued its recent decline on the back of high volumes of .......

    SCIWire 16 October 2014

  • Apartments driving CRE price rises

    Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 1.2% in August and has recovered 99.5% of its post-crisis loss. The CPPI is now just 0.2% short of its November 2007 peak.

    Apartment prices have driven the recovery, increasing by 17.4% over the past year, compared with 13.8% for core commercial. Apartment prices now exceed their pre-financial .......

    News Round-up 15 October 2014

  • APAC ratings stable in 3Q14

    Fitch affirmed the ratings on 160 Asia-Pacific structured finance tranches in 3Q14, as well as upgrading a further five tranches and downgrading one. Most long-term ratings in the Asia-Pacific region have stable outlooks.

    Strong economic performance in both Australia and New Zealand supported rating actions in those jurisdictions. All ratings reviewed during the quarter - 87 tranches from 37 transactions .......

    News Round-up 15 October 2014

  • Conduit relationship formed

    Trez Capital Group has formed a strategic relationship with Natixis, whereby the New York branch of Natixis will provide warehouse financing, hedging services and other advisory services to Trez's newly established term lending platform operated by its CMBS conduit Trez Commercial Finance (TCF). The firms say that the combination of Trez's long-standing Canadian real estate expertise and Natixis' expertise in .......

    Job Swaps 15 October 2014

  • Choppy trading in Euro ABS/MBS

    The European ABS/MBS markets are currently seeing mixed trading and a slowing of momentum.

    "Execution has been choppy over the past few days," says one trader. "On the lists yesterday some names covered well below talk while others traded aggressively."

    That choppiness is likely to continue as the market loses some momentum. "We're seeing continued volatility in broader markets - .......

    SCIWire 15 October 2014

  • European ABS/MBS edges wider

    This morning has seen European ABS and MBS spreads edge wider on the back of both fundamentals and technicals.

    Macroeconomic and global geopolitical concerns are entering into the hitherto relatively unaffected European securitised secondary markets giving them more of a selling bias. Auction supply has been added to for today with two further BWICs introduced mid-to-late morning, which potentially could .......

    SCIWire 14 October 2014

  • European BWICs get back underway

    After a quiet start to the week on-BWIC thanks to the US holiday, the European ABS/MBS auction calendar starts strongly today with four lists already scheduled.

    Those lists cover in excess of 85m of original face across four auctions totalling 32 line items. There is a wide range of bonds on offer throughout the day and that is typified by .......

    SCIWire 14 October 2014

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date dipped sharply in September to 53.3%, according to Trepp, six points lower than the August rate of 59.3%. The rate came in below the 12-month moving average of 68.5%.

    Trepp suggests that the low September reading and the lower trend over the last few months may reflect the .......

    News Round-up 13 October 2014

  • Resolutions drive late-pays lower

    US CMBS late-pays fell by 8bp in September to 4.77% from 4.85% a month earlier, according to Fitch's latest index results for the sector. Delinquency rates for all major property types also improved in September, with the exception of hotel.

    Resolutions of US$571m outpaced new additions to Fitch's index of US$410m during the month. Both resolutions and new delinquencies slowed .......

    News Round-up 13 October 2014

  • European CMBS picks up

    Activity in the European CMBS secondary market is picking up albeit from relatively low levels.

    With little primary issuance and low BWIC volumes in recent days European secondary market trading has been focused on bilateral trading. There, there has been healthy activity, with interest chiefly focused round Italian and UK paper, which has held spreads tight.

    Such activity combined with .......

    SCIWire 10 October 2014
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