CMBS

  • Spring in the step

    The European RMBS market has been consistently busy in recent weeks. This healthy level of activity has fuelled a rally in Dutch bonds in particular.

    "The first quarter of the year has seen a big rally for the Dutch market and secondary spreads are evidence of that. The strong tightening on Cartesian Residential Mortgage 1 shows that investors are still .......

    Market Reports 3 April 2014

  • Conditions 'ripe' for defeasance

    US CMBS loan defeasance grew significantly in 2013 over the previous year, rising to its highest level since the market's peak in 2007, according to Moody's. Growing financing and sales liquidity, concerns about rising interest rates and the ongoing improvement in real estate fundamentals led to an increase of 123% in CMBS defeasance to US$13.2bn, from US$5.9bn in 2012.

    "These .......

    News Round-up 3 April 2014

  • Skyline cashflows corrected

    A number of corrections were made in the March remittances to the cashflows for the US$678m Skyline Portfolio loan, after discrepancies emerged around ASER and WODRA calculations in previous months. The loan - which is securitised in BACM 2007-1, GECMC 2007-C1 and JPMCC 2007-LDPX - was modified last November and had suffered interest shortfalls since then (see SCI's CMBS loan .......

    News Round-up 3 April 2014

  • SF lawyer on the move

    Kaye Scholer has appointed Lawton Camp as a finance partner in its New York office. He joins the firm from Allen & Overy.

    Camp specialises in structured finance and securitisation, including CDOs, CLOs, ABS, ILS, RMBS and CMBS. He has two decades of industry experience and worked at Orrick, Herrington & Sutcliffe before joining Allen & Overy.

    .......

    Job Swaps 3 April 2014

  • CMBS supply returns strongly

    After anaemic secondary supply to start the week, US CMBS BWIC volume shot up yesterday to about US$500m. More than half of that supply came from a list of A1A bonds, while a sizeable AJ bid-list also helped boost activity.

    Price talk on the A1A list was generally between swaps plus 70 and swaps plus 77. On the AJ list, .......

    Market Reports 2 April 2014

  • CMBS refi challenges ahead

    Fitch reports that nine of the 17 EMEA CMBS loans from its rated portfolio that are maturing between April and June have Fitch loan-to-value (LTV) ratios of over 100%. The agency says that the high LTVs will make refinancing "extremely challenging" and it expects special servicers to take control over resolution in these cases.

    In 1Q14 seven loans defaulted ahead .......

    News Round-up 2 April 2014

  • Delinquency decline continues

    The US CMBS delinquency rate fell by 24bp in March to 6.54%, 288bp lower than where it was a year ago, according to Trepp. The last time the rate was below this level was in January 2010.

    Trepp attributes some of the month-over-month improvement to the CWCapital distressed asset sales. In the first three months of 2014 alone, the CMBS .......

    News Round-up 2 April 2014

  • Co-founder becomes co-chief

    CCRE has named Michael Lehrman as co-ceo alongside current chief Anthony Orso. The pair are co-founders of the commercial real estate finance company.

    The company is expanding its current lending and securitisation platform and has also recently agreed to acquire multifamily agency lender Berkeley Point. Lehrman currently serves as global head of real estate at BGC Partners and Cantor Fitzgerald .......

    Job Swaps 2 April 2014

  • CMBS note sales scheduled

    Auction.com has scheduled note sales for properties backing US$144m in US CMBS loans over the next two months. The deal with the largest exposure is MLMT 2005-CIP1, with US$21m out for the bid, according to Barclays Capital estimates.

    One of the assets up for auction is the US$16.2m Kirkwood Bend Office in St. Louis, which is appraised for US$10m, as .......

    News Round-up 1 April 2014

  • ABS supply leaves MBS trailing

    Healthy US ABS secondary market activity yesterday contrasted sharply with the non-agency RMBS and CMBS segments, where bid-list volumes were muted. SCI's PriceABS data shows that supply was dominated by auto, equipment and student loan paper.

    ABS BWIC volume was up markedly from the previous session, totalling around US$340m. By contrast, volumes in non-agency RMBS only reached around .......

    Market Reports 1 April 2014

  • Liquidation volumes remain high

    US CMBS liquidation volumes remained high this month as the rest of CWCapital's REO asset sales flowed through remittance reports. Liquidation volume ended March at US$1.95bn, according to Trepp, down from February but still the fourth highest monthly total since 2010.

    Of the loans that were liquidated during the month, 97% by balance fell into the greater than 2% loss .......

    News Round-up 31 March 2014

  • US housing finance bill released

    New legislation released by the US House Financial Services Committee's Maxine Waters would significantly reform the current US housing finance system. The Housing Opportunities Move the Economy (HOME) Forward Act creates a new regulator and issuer, as well as providing for the transfer of the GSEs' multifamily programmes.

    The legislation establishes the National Mortgage Finance Administration (NMFA) as a new regulator to .......

    News Round-up 28 March 2014

  • CMBS pricing tool launched

    Trepp has launched a new tool for bond cashflow and price yield calculations. TreppTrade Quick Analysis is designed to allow qualified institutional buyers to price bonds quickly and easily.

    The free tool allows participants to calculate CMBS bond cashflows under pre-defined assumptions such as prepayments and other factors. Users can access tranche-level Trepp cashflows and perform price analysis using live .......

    News Round-up 28 March 2014

  • US CMBS recovery rate drops

    Recovery rates on US CMBS liquidated loans dropped significantly last year compared to 2012, according to the latest quarterly index results from Fitch. The rate of CMBS loans in special servicing has continued to fall.

    From 74.8% in 2012, the recovery rate for liquidated CMBS dropped to 66.5% last year. The final quarter of the year saw the recovery rate .......

    News Round-up 28 March 2014

  • AON list boosts CMBS supply

    US CMBS BWIC volume climbed to around US$700m yesterday, significantly boosted by one large list of 2005 and 2006 duper paper that traded all-or-none to one dealer. SCI's PriceABS data lists 50 unique bond tranches out for the bid during the session, with a range of price talk and a high number of covers.

    The AON list is .......

    Market Reports 26 March 2014

  • Liquidation values surpass appraisals

    This quarter marks the first time that average US commercial property liquidation proceeds have been higher than corresponding appraisal values. Looking beyond the averages, variation in proceeds is evident based on sector, location and time since appraisal.

    Over the past two years the discount by which properties sold for less than their appraisal value has been declining, Barclays Capital CMBS .......

    News 25 March 2014

  • CMBS origination pro added

    Greystone has appointed Patrick Nizich as an md in its new Kirkland, Washington office. His appointment follows the recent addition of Matt Stevens (SCI 19 February) and he will report to senior md Rick Wolf, who leads Greystone's West Coast production team.

    Nizich has over 25 years of commercial real estate experience and was most recently at Dexia Real Estate .......

    Job Swaps 25 March 2014

  • Continued stability in CMBS

    The recent stability in the US CMBS secondary market continued yesterday with BWIC volume steady at around US$380m. Generic spreads were unchanged with SCI's PriceABS data showing a number of mezzanine tranches from various vintages out for the bid.

    PriceABS captured more than 40 unique US CMBS tranches from the session. Much of the supply came .......

    Market Reports 21 March 2014

  • Euro CMBS servicing progress made

    While there was just one European CMBS loan newly transferred into special servicing last month, it was not the only significant development. Moody's reports that there were 167 loans in total in special servicing at the end of the month, securitised within 91 CMBS.

    The €22m Jargonnant Munich Loan transferred because of payment default at maturity, which is the most .......

    News Round-up 21 March 2014

  • Appraisal value corrected

    Deutsche Bank, as trustee for WFRBS 2011-C3, has acknowledged a mistake in the appraisal value of the US$12.8m Campus Habitat 15 loan that was included in this month's trustee report for the CMBS. The bank has posted a revised report, increasing the appraisal value from an initial US$1.525m to the correct figure of US$15.25m.

    CMBS strategists at Morgan Stanley note .......

    News Round-up 20 March 2014

  • Hedge fund assets near all-time high

    Investors allocated more to hedge funds in February than in any other month since eVestment began tracking monthly flow data in October 2008. An estimated US$41bn flowed into hedge funds during the month.

    Performance gains added a further US$45.9bn, bringing February's asset increase to US$86.9bn, an increase of 3.1%. This is the industry's largest asset growth since performance gains drove .......

    News Round-up 20 March 2014
×