CMBS

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date registered 58.5% last month, according to the latest Trepp pay-off report. This reading is one point below the May level of 59.5% and the second lowest of the year.

    The June pay-off percentage is slightly above the 12-month moving average of 57.4%. By loan count as opposed to .......

    News Round-up 12 July 2013

  • RBS novation confirmed

    Fitch confirms that there is no rating impact following the novation by RBS NV to RBS plc, ABN AMRO Bank and/or Bank Nederlandse Gemeenten with respect to the roles it covers across any European structured finance transaction. RBS plc notified the agency in May that, as part of the continuing transfers of business activities from RBS NV to RBS plc, .......

    News Round-up 11 July 2013

  • Hotels track apartment price rises

    The rise in full service hotel prices is keeping up with that in apartments, according to the latest Moody's/RCA CPPI report.

    Full service hotel prices have risen by 52.3% and apartment prices by 55.3% since 4Q09. In the 12 months ending 31 May, apartment prices rose by 12.9%, more than triple the 3.4% rise in the core commercial sector.

    Limited-service .......

    News Round-up 11 July 2013

  • Real estate debt platform prepped

    Brookland Partners is launching Brookland Financial, a new intermediary platform to connect parties in the real estate debt markets. The platform will act for both borrowers and lenders and is being led by Nassar Hussain, Brookland Partners founder and managing partner.

    Brookland Financial has access to two independent teams and can provide investors with a full debt arranging solution through .......

    Job Swaps 10 July 2013

  • Weak outlook for EMEA CMBS loan maturities

    While the number of EMEA CMBS loans coming due this quarter is once again large, only a few are expected to repay, according to Fitch's latest quarterly index report for the sector. Loan-to-value (LTV) levels are increasing, in some cases quite sharply. In parallel, many of the loans coming due are already in poor shape, the agency notes.

    "Ten loans .......

    News Round-up 10 July 2013

  • CREFC adds analysis, relations vp

    The CRE Finance Council has appointed Christina Zausner as industry and policy analysis vp. It is a newly-created role in which she will analyse industry data and trends and write reports for distribution to the CREFC membership and general public.

    Zausner will also be part of the CREFC's government relations initiatives, helping to increase the group's presence and relationship development .......

    Job Swaps 10 July 2013

  • Pick-up expected in Euro CMBS shortfalls

    Moody's expects further interest shortfalls to occur in respect of legacy European CMBS. Note-level interest shortfalls are more likely for transactions with loan-level appraisal-reduction mechanisms and increased loan-level interest shortfalls, as well as substantially reduced loan pools, particularly if issuer level costs are higher on a certain interest payment date.

    "Specific transaction structures exacerbate the recently observed interest shortfalls in .......

    News Round-up 9 July 2013

  • Delay forecast for GRAND repayment

    Deutsche Annington has postponed its IPO, which was planned for 3 July, citing adverse market conditions. The company was seeking to raise €1.1bn, which would have contributed to the full repayment of the GRAND CMBS before the October 2013 IPD.

    With a securitised balance of €3.2bn as of April 2013, DAIG had planned to repay GRAND with several secured loans .......

    News 4 July 2013

  • CMBS loss severity jumps

    Average loss severity on liquidated US CMBS loans this month saw its biggest month-over-month increase since last August, according to Trepp, with a majority of the losses in the greater than 2% category. Severity came in at 56.49%, up from May's reading of 48.15% and above the 12-month moving average of 44.02%.

    The number of loans disposed with a loss .......

    News Round-up 4 July 2013

  • Secondary CMBS market not shut yet

    The quarter began quietly enough for the US CMBS sector, although secondary activity did pick up yesterday. SCI's PriceABS data shows a number of bonds out for the bid, with several covers and some strongly divergent price talk.

    "The CMBS market enjoyed a modest lift on the coattails of US equities. Legacy super seniors ended [Monday] a basis .......

    Market Reports 3 July 2013

  • CMBS delinquency rate plummets

    At 8.65%, the Trepp CMBS delinquency rate last month posted its lowest reading in almost three years. The 42bp drop in the delinquency rate was the second biggest one-month improvement since Trepp began publishing the monthly rate in autumn 2009. Four of the five major property types saw their delinquency rates fall in June.

    Loan resolutions totalled US$1.25bn during the .......

    News Round-up 3 July 2013

  • Manager targets UK CRE lending

    Standard Life Investments has appointed Neil Odom-Haslett as head of commercial real estate lending. He will join in August and report to David Paine, head of real estate investments.

    Odom-Haslett will be based in London and lead Standard Life's entry into the CRE lending market in the UK. He will be responsible for all aspects of the lending platform, with .......

    Job Swaps 3 July 2013

  • Asia managing partner poached

    Michelle Taylor and her team have joined Jones Day's banking & finance group in Hong Kong. She was formerly Asia managing partner and China office leader with Orrick. Her practice focuses on structured finance, real estate finance, debt capital markets, general banking and securitisation, where she has almost 20 years of experience.

    .......

    Job Swaps 2 July 2013

  • IRP update due

    The Commercial Real Estate Finance Council is releasing CREFC IRP version 7.0, with an effective date of 1 October 2013. The latest version of the CMBS reporting template comprises a number of changes. These include: an updated CREFC overview narrative; an updated change matrix for CREFC IRP v.7.0; and updated data dictionary for CREFC IRP v.7.0 term changes; IRP new .......

    News Round-up 2 July 2013

  • CMBS loan re-defaults eyed

    So far this year, 43 loans over US$20m have transferred to a special servicer, representing a steep drop through the same period in 2012 (94) and 2011 (103). Of that amount, six loans over US$100m transferred to special servicing during first-half 2013 compared to 16 in 1H12, according to Fitch.

    One trend that the agency says it is watching closely .......

    News Round-up 2 July 2013

  • CRE fund lists

    ALPS Advisors and Principal Real Estate Investors have completed an IPO on the New York Stock Exchange for the Principal Real Estate Income Fund. The closed-end fund raised approximately US$126m in proceeds in the offering of 6.3 million common shares at US$20 per share.

    The offering seeks to benefit from the recovery in commercial real estate markets by investing in .......

    News Round-up 2 July 2013

  • CRE firm adds capital markets vet

    Walker & Dunlop has added William Wein to its capital markets department. He joins as svp responsible for the day-to-day operations of the group and will be based in Chicago.

    Wein joins from Marcus & Millichap Capital Corporation where he managed loan originators in the eastern and central US and also managed life company, bank and CMBS lender relationships. He .......

    Job Swaps 2 July 2013

  • Casting nets

    Hunt for relative value puts range of options on the table

    European primary issuance may have been patchy this year, but liquidity in the secondary market has generally increased. The hunt for relative value has become all the more pressing as spreads have tightened.

    Regulatory initiatives such as Solvency II and CRD IV weigh on investors' minds, but until regulations come into force it is always possible that their provisions will .......

    News Analysis 28 June 2013

  • Madrid office marks European expansion

    CR Investment Management has opened an office in Madrid, expanding its European footprint. Head of international activities Richard Fine is leading the process of building out the local team, which will focus on the management and restructuring of distressed assets and loans. Fine was promoted within CR to md earlier this month (SCI 25 June).

    .......

    Job Swaps 27 June 2013

  • Revised Opera CMH proposals expected

    The Opera Finance (CMH) extraordinary resolutions, in connection with the Kennedy Wilson/Värde restructuring proposal, did not pass yesterday (see SCI's CMBS loan events database). Revised proposals are now anticipated from both the preferred bidder (KW/Värde) and the junior lender (Northwood).

    Extraordinary resolutions were passed by the class A and B noteholders, but were not passed by the class .......

    News 27 June 2013

  • New CREFC chief to take charge

    CREFC Europe has named Peter Cosmetatos as ceo, effective from late September. He has more than 15 years of experience in the property finance business, having held senior-level tax, legal and policy positions.

    Cosmetatos joins CREFC after five years as finance policy director at the British Property Federation, where he was involved in the regulation and policy challenges arising from .......

    Job Swaps 27 June 2013
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