CMBS

  • Omni builds real estate capabilities

    Omni Partners has acquired a stake in Brookland Partners. The deal will provide Omni with additional operational and intellectual capital to develop its internal real estate debt capabilities, while Brookland will benefit from Omni's specialist alternative product experience and institutional infrastructure.

    Omni entered the real estate debt space when it acquired UK property lender Capital Bridging Finance last year and .......

    Job Swaps 10 June 2014

  • Portfolio purchase surprises to upside

    The portfolio underlying the FOX 1 CMBS has been purchased by Kennedy Wilson Europe Real Estate for £296m, which is £48m more than its most recent valuation. The property recovery estimate in September had been £235m (SCI 5 September 2013).

    The FOX 1 portfolio was acquired through a CMBS loan enforcement. The English assets were sold by Dudley Holme-Turner of .......

    News 10 June 2014

  • Analytics service enhanced

    Lewtan has released an enhanced version of its structuring and analytics platform, ABSNet Modeler, which is geared to all sectors of the new issue securitisation market. The enhancements consist of updated rating agency liability model criteria for CLOs (Moody's, Fitch and S&P), with the inclusion of multiple matrix point inputs.

    In addition, the deterministic loan and global level assumptions now .......

    News Round-up 9 June 2014

  • CMBS pay-offs jump

    The percentage of US CMBS loans paying off on their balloon date jumped sharply in May to 77.1%, according to Trepp. The rate is more than 13 points higher than the April reading of 63.6% and breaks a string of five straight months in which the pay-off rate fell (from 81.3% in November).

    The May pay-off percentage was well above .......

    News Round-up 9 June 2014

  • CMBS disposition times lengthening

    Fitch reports that inventories and disposition times for US CMBS assets in special servicing as of year-end 2013 modestly increased compared to year-end 2012. The agency says that its highest-rated servicers continue to maintain younger REO portfolios on average compared to lower-rated servicers.

    Highly-rated servicers (in the CSS1 category) held REO assets in special servicing for an average of 32.6 .......

    News Round-up 9 June 2014

  • CRE firm opens Boston office

    CCRE has opened an office in Boston. It will be led by Tom Sullivan, who will focus on loan origination and servicing CCRE's clients across the greater New England area.

    Sullivan joined CCRE in 2012 and reports to co-heads of origination and capital markets Peter Scola and Lawrence Britvan as well as coo Michael May. Before joining CCRE, Sullivan worked .......

    Job Swaps 9 June 2014

  • US CMBS market rallies

    The US CMBS market rallied yesterday as spreads tightened. Trepp reports that secondary volumes reached the highest level of the week, at about US$300m, as banks took down large blocks of CMBS 2.0 and 3.0 bonds.

    "Legacy super seniors and new issue triple-As were a basis point or two tighter for the most part. The GSMS 2007-GG10 A4 bond was .......

    Market Reports 6 June 2014

  • First-quarter loss severities examined

    The weighted average loss severity for US CMBS loans liquidated at a loss rose marginally in 1Q14, increasing to 41.9% from 41.5% quarter-over-quarter, according to Moody's. From 1 April 2013 to 31 March 2014, US$16.2bn of CMBS loans liquidated, approximately the same as in the prior 12-month period.

    Two liquidations with high dollar losses occurred during the quarter. The Two .......

    News Round-up 6 June 2014

  • CMBX losses projected

    KBRA has released its inaugural research publication on vintage US CMBS deals, leveraging data and information from its new KBRA Credit Profile (KCP) surveillance service (SCI 12 May). The latest report highlights the agency's projected losses on CMBX Series 1 through 5.

    KCP reports feature property valuations under concluded, conservative and optimistic scenarios. The concluded scenario is what KBRA analysts .......

    News Round-up 6 June 2014

  • Stuy Town foreclosure to be contested?

    CWCapital has reportedly taken formal ownership of Stuyvesant Town-Peter Cooper Village via a deed-in-lieu of foreclosure. The move is said to have prevented another party from seizing control of the asset by exercising its right to buy a key loan on the property.

    As a result, CWCapital paid US$117m in taxes to the city of New York and US$19.8m to .......

    News Round-up 6 June 2014

  • Further CMBS content added

    Trepp is going to make integrated content and analysis from Morningstar Credit Ratings available to clients. Authorised clients will be able to access Morningstar's monthly DealView surveillance analysis covering CMBS transactions through Trepp.com and TreppTrade, while all Trepp clients will also have access to Morningstar's CMBS presale analysis for new issues.

    The move builds on a previous relationship between the .......

    Job Swaps 5 June 2014

  • Data partnership to boost transparency

    The European DataWarehouse (ED) and 1010data have signed a partnership agreement under which the ED will make its data available on the 1010data platform. This will include over 30 million loans in 800 RMBS, CMBS, auto, consumer finance, leasing and credit card ABS deals.

    The partnership will help to distribute loan-level data more quickly and easily to investors, with 1010data's .......

    Job Swaps 5 June 2014

  • Servicer replacement request queried

    Hatfield Philips International (HPI) has outlined its credentials and performance as servicer and special servicer on the Windermere X CMBS portfolio. The move appears to be in response to efforts by the controlling class representative (Brookland Partners) to replace HPI with Mount Street Loan Solutions as special servicer of the Bridge, Built, Lightning Dutch and Tresforte loans (see also SCI's .......

    News Round-up 4 June 2014

  • CMBS surveillance product added

    Trepp is set to integrate Kroll Bond Rating Agency's new CMBS surveillance product KBRA Credit Profile (KCP) with its own product suite. The KCP reports provide valuations and losses for the collateral securing credit-impaired loans.

    Authorised Trepp clients will be able to access the KCP reports, enabling forecasting of both the probability of default and resolution timing. The reports will also .......

    Job Swaps 4 June 2014

  • Euro CMBS coming alive?

    The European CMBS secondary market has been subdued recently, although BWICs have been announced for both today and tomorrow. There is also speculation that primary market issuance could increase.

    "Suddenly a couple of decent BWICs have been announced in quick succession, so that should inject some life into the secondary market. The fact that they were announced so close together .......

    Market Reports 4 June 2014

  • CMBS loss projections forecast

    S&P has published its expected loss projections for US and Canadian conduit/fusion and single-borrower/large-loan CMBS transactions that it rates. The report addresses losses by transaction, vintage, property type and metropolitan statistical area.

    "Our estimates of projected losses focus on our observed performance for US and Canadian CMBS transactions over time," comments S&P credit analyst Barbara Hoeltz. "They incorporate up-to-date performance .......

    News Round-up 4 June 2014

  • Single-borrower execution broadening

    Single-borrower US CMBS issuance has picked up in recent months, after a slow start to the year. Barclays Capital CMBS analysts suggest that the funding advantage enjoyed by banks and insurers has lessened due to the sharp rally in rates, resulting in more borrowers opting for CMBS execution.

    Hotel properties dominated single-borrower CMBS issuance over the past 6-9 months, as .......

    News Round-up 4 June 2014

  • CMBS surveillance shared

    Morningstar Credit Ratings has made its CMBS DealViewSM surveillance reports available to investors, analysts and traders via its website. The reports are updated monthly and include a comprehensive credit review, in-depth loan and property analysis, applicable letter ratings and rating outlooks for CMBS transactions. Its ratings and surveillance process involves detailed loan- and property-level analyses, a review of operating cashflow, .......

    News Round-up 3 June 2014

  • CMBS delinquencies 'idiosyncratic'

    An increasing number of US CMBS 2.0 and 3.0 loans have begun to enter special servicing or show initial signs of distress. Since the beginning of the year, 14 loans - with US$164m in outstanding balance - have moved into special servicing or delinquency, although this seems to reflect idiosyncratic issues rather than sector-level weakening.

    Barclays Capital analysts note that .......

    News 3 June 2014

  • SFR snapshot debuts

    Kroll Bond Rating Agency has published the inaugural issue of its Single-Family Rental Performance Snapshot, which aims to provide the market with a timely synopsis of the performance of securitised transactions in this emerging asset class. The move is part of an effort to provide more transparency around the performance of SFR transactions.

    This first report highlights the Invitation Homes .......

    News Round-up 2 June 2014

  • CMBS delinquency improvements continue

    The Trepp US CMBS delinquency rate improved for the twelfth consecutive month in May, with a 17bp decline. It now stands at 6.27%, 280bp lower than the May 2013 rate. The delinquency rate has fallen by 407bp since the all-time high of 10.34% in July 2012.

    Loan resolutions totalled over US$1bn in May, up from about US$850m in April. Removing .......

    News Round-up 30 May 2014
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