CMBS

  • SF impairments hit post-crisis low

    The global structured finance 2013 new impairment count declined to 1,138 from 2,189 in 2012, according to Moody's. This marks the lowest number of new impairments observed since 2007.

    Moody's findings are based on ratings, impairment and loss information for over 72,000 global structured finance tranches from roughly 11,500 deals. "The performance of structured finance securities, as measured by impairment .......

    News Round-up 2 October 2014

  • Repeat loan trends examined

    DBRS has identified a sample of approximately 3,700 US CMBS properties that were collateral for loans that have been securitised in multiple transactions over the past 20 years. Based on the data available from these repeat loans, the agency compared leverage trends and other financial metrics for CMBS loans through time.

    Broadly the results show that since the near collapse .......

    News Round-up 2 October 2014

  • CMBS delinquency rate slides

    The Trepp US CMBS delinquency rate fell by 7bp in September to 6.03% and is now 211bp lower than the year-ago level. Year-to-date delinquencies have fallen by 140bp from 7.43%, as of 31 December 2013.

    Loans that became delinquent totalled almost US$1.4bn in September, putting 26bp of upward pressure on the delinquency rate. The largest loan that became delinquent during .......

    News Round-up 2 October 2014

  • Junior loan transfer proposed

    Freddie Mac is proposing to amend the intercreditor agreements for six of its CMBS to enable it to sell its interests in the trusts' junior loans to a depositor, which in turn will securitise the assets and issue CMBS notes. The affected transactions are FREMF 2010-K7, 2011-K702, 2011-K703, 2011-K704, 2012-K706 and 2012-K707.

    The proposed omnibus amendment to the definition of .......

    News Round-up 1 October 2014

  • Servicer branches out

    Situs has appointed Tim Keast as executive md, based in the firm's European headquarters in London. Working with Situs coo Bruce Nelson, Keast will be responsible for the expansion of the firm's traditional services beyond commercial real estate to include other asset classes, such as residential, consumer, SME and other structured finance debt.

    In his new role, Keast will assist .......

    Job Swaps 1 October 2014

  • Quelle case resolved

    The High Court in London has issued a judgment against Colliers International (UK) over its negligent valuation of a property in a test case that is expected to have major implications for the CMBS market. The case was brought by Titan Europe 2006-3, after the building in question lost nearly 90% of its stated value when the occupants - German .......

    News Round-up 1 October 2014

  • CMBS slowdown for now

    After a quieter than average week last week US CMBS has been in similar mode this week so far, but that is expected to change once the new quarter starts.

    "It's been quiet today as it's quarter-end, though we have seen some selective selling and there are some BWICs too," says one trader. "But for the most part accounts seem .......

    SCIWire 30 September 2014

  • Special servicing universe shrinks

    The US CMBS special servicing universe continued to shrink during 1H14, while recovery rates on liquidated loans rose sharply, according to Fitch's latest CMBS special servicing index report.

    Recovery rates improved to 69.5% for 2Q14, compared to an average of 57.7% for the two previous quarters. Additionally, a sizeable portion of CMBS loans were liquidated with less than a 5% .......

    News Round-up 30 September 2014

  • Western US CMBS expansion eyed

    Greystone has appointed Erik Edwards as an md. He will be based in San Diego and report to Robert Russell, head of production for the firm's CMBS group.

    Edwards will focus on originating new loans and establishing a stronger CMBS presence for the firm in the western US. He was previously at Wells Fargo and has also worked at iStar .......

    Job Swaps 30 September 2014

  • CRE platform purchase lined up

    Walker & Dunlop will acquire Johnson Capital's loan origination and servicing platform. Terms of the cash and stock transaction have not been disclosed, although completion of the acquisition is expected to close around 1 November.

    Johnson Capital specialises in CRE mortgages and maintains long-standing brokerage relationships with many life insurance companies, banks and CMBS conduits. It is an approved HUD .......

    Job Swaps 30 September 2014

  • US CDOs in focus

    It looks set to be a busy day today in US CDOs across Trups, CRE and ABS deals.

    In terms of Trups deals, the FDIC is likely to announce its next and ninth auction list later today having missed a week last week due to expectations of a quiet market as a result of ABS East and the Jewish New .......

    SCIWire 29 September 2014

  • Grand Mart loss restated

    The September remittance report for the US$14.1m Grand Mart Chicago Portfolio loan - securitised in MSCI 2007-TOP27 - shows a revised loss severity of 100% for the asset. The CMBS loan was resolved last month, but the August remittance reported a 140% loss severity, with a realised loss of US$19.8m - including US$5.7m in interest shortfalls.

    Fitch notes that the .......

    News Round-up 29 September 2014

  • Trading picks up again

    Trading in Europe has exceeded expectations as today has worn on with BWIC lists being added for all deal types and continued bilateral activity. The US markets are seeing similar moves.

    "There have been quite a number of lists added, which is something of surprise - we all thought it was going to stay quiet today," says one trader. However, .......

    SCIWire 26 September 2014

  • European markets quieter

    It's a quieter day today so far across European structured finance secondary markets.

    There is only one euro CLO lists scheduled for today so far, though there is continuing interest in bonds in the bilateral market. A flurry of ABS and MBS BWICs are circulating today, inevitably including a significant proportion of peripheral names, but not in as large a .......

    SCIWire 26 September 2014

  • Commercial origination trio added

    Walker & Dunlop has added three originators to its commercial property funding team. Geoff Smith and Kimberly Riordan will be based in New York, while Paul Jankovsky joins the Dallas office.

    Smith joins as md and head of origination for the firm's conduit and high yield platform. He was previously head of origination and distribution at Hudson Realty Capital.

    Jankovsky .......

    Job Swaps 25 September 2014

  • Euro peripheral action continues

    Peripherals continue to be a strong focus today as interest in non-core paper continues in the European ABS/MBS markets.

    This morning's €54.2m five line peripheral seniors list traded strongly at 9:00, with all bonds trading above talk levels, following on from the similar success of yesterday's peripheral mezz auction. The BWIC results are expected to bring out further peripheral lists .......

    SCIWire 25 September 2014

  • NPL/RPL demand rising

    Of the circa US$658bn in US non-performing loans - including US$60bn in REO properties - banks, the GSEs and the HUD own about US$400bn, according to Barclays Capital figures. CMBS analysts at the bank estimate that a further US$500bn-US$600bn in re-performing loans is outstanding, with about US$200bn held by the GSEs, US$200bn-US$250bn in non-agency RMBS and the remainder on bank .......

    News Round-up 24 September 2014

  • More to CMBS losses than LTV

    Out of 220 loans securitised in European CMBS with an initial LTV below 62%, only one loan experienced a loss, according to a Bank of America Merrill Lynch analysis. The study covered 184 transactions totalling €147bn in issuance.

    Losses on the €147bn have so far totalled €2.9bn, or 1.9%. By number of loans, 127 have suffered a loss, representing 11.9% .......

    News 24 September 2014

  • US CMBS ticks over

    Despite ABS East and a strong new issue pipeline the US CMBS secondary market is holding on to last week's gains and activity is ticking over.

    Spreads held firm yesterday amid light secondary trading that saw $130m+ in BWIC volume with lists dominated by senior paper. Today is expected to be much the same with $86m across 20 line items .......

    SCIWire 23 September 2014

  • Sears closures affect CMBS

    Barclays Capital analysts have identified seven CMBS loans with exposure to the recent closure of various Sears and Kmart stores. The affected properties include two anchor stores in CMBS 2.0/3.0 malls.

    The US$49m Towne West Square Mall in MSC 2011-C2 may be most affected by the closing, say the analysts. Sears accounts for 27% of the rentable area for the .......

    News 23 September 2014

  • Rating methodologies released

    ARC Ratings has published its global consumer ABS rating criteria, which apply to transactions that benefit from a diversified portfolio with a large number of underlying obligors. The criteria cover analyses of expected defaults, delinquencies, recoveries, prepayments and asset yield, which are supplemented by a cashflow analysis. Although applied globally, each individual country and specific transaction may give cause to .......

    News Round-up 23 September 2014
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