CMBS

  • EMEA securitisation director enlisted

    Stafford Butt has joined Wells Fargo Securities' asset-backed finance and securitisation group. He joins as md responsible for EMEA structured products origination and execution.

    Butt joins from WestLB, where he was executive director, and has previously worked at Mitsubishi UFJ Group as head of EMEA securitisation. He is based in London and reports to Chris Pink.

    .......

    Job Swaps 28 February 2013

  • Range of special servicers broadening

    Increased issuance volume is bringing several new B-piece buyers to the US CMBS market. But Fitch notes that, unlike in previous years, they are not specially servicing these deals.

    Absent from the B-piece investors across the 81 CMBS transactions issued in 2012 were the so-called 'old cartel' of special servicers, made up of LNR Partners, CWCapital and C-III. These firms .......

    News Round-up 27 February 2013

  • CMBS losses moving up the capital stack?

    The composition of US CMBS loan liquidations appears to be shifting. Over the past three years, less than half of all liquidations each month were for loans sized between US$10m-US$50m, with special servicers largely liquidating loans sized US$10m or less. However, this month 69% of all liquidated loans had balances of between US$10m-US$50m.

    If this trend continues, it could lead .......

    News Round-up 26 February 2013

  • CMBS strategy head moves on

    Richard Parkus has joined Seer Capital Management as md and trader for its CMBS team. He will report to Tony Barkan and lead the firm's efforts in identifying CMBS and CRE debt investments.

    Parkus was most recently head of CMBS strategy at Morgan Stanley, having joined the bank two and a half years ago (SCI 18 August 2010). Prior to .......

    Job Swaps 26 February 2013

  • BRUNT 2007-1 restructuring agreed

    Noteholders last week agreed to the amendments to Bruntwood Alpha, as proposed by the borrower (SCI 1 February). The restructuring of the UK CMBS centres on a two-year extension of the notes and one of the two loans - the £229.2m B2000 loan - in exchange for which noteholders have been offered an increase in margin on a staggered basis.

    News Round-up 25 February 2013

  • Mixed outlook for gaming CMBS

    CMBS first appeared in the major US gaming markets in 1998, with the securitisation of the Showboat Hotel and Casino in Atlantic City. Since then, transactions have been done on the casino/hotels along both the Las Vegas Strip and the Atlantic City Boardwalk. But based on different growth patterns, securitisations in these two markets have had - and will likely .......

    News Round-up 25 February 2013

  • CMBS credit recovery intact?

    The US CMBS delinquent amount ended 2012 at US$42.57bn, about 5% lower than where it began the year, according to S&P. However, as the year progressed, CMBS credit metric performance improved.

    "Although it is our view that the CMBS credit recovery is intact, we believe that holding it back in 2012 were an elevated unemployment rate, the slow improvement in .......

    News Round-up 25 February 2013

  • German MF CMBS under 'less pressure'

    The announcement of a second large loan refinancing in the German multifamily CMBS sector this year and growing investor interest in large property portfolios reinforces Fitch's view that the sector is under far less pressure than other parts of the European CMBS market. The agency believes that well-managed German multifamily housing (MFH) will remain one of the more sought-after asset .......

    News Round-up 25 February 2013

  • Mid-week blip barely dents CMBS

    Thursday was an interesting session for secondary US CMBS. Several recent-vintage tranches attracted covers, while talk around AJ tranches out for the bid shows the extent of tightening seen over the last couple of months.

    The CMBS sector was only mildly affected by the broader market's reaction to the latest Fed minutes, with Trepp describing the fall-out as "mild collateral .......

    Market Reports 22 February 2013

  • Improving CRE fundamentals highlighted

    All of the commercial real estate sectors continued to grow in 4Q12, despite a softened economy and slow job growth, according to Moody's latest US CMBS and CRE CDO surveillance review. A significant rise in losses on CMBS loans is therefore unlikely, at least in the near term, as commercial real estate fundamentals continue to improve.

    Moody's Commercial Mortgage Metrics .......

    News Round-up 22 February 2013

  • Top arrangers decided

    The rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets have been finalised for 2012, with RBS and Barclays Capital taking top spot in Europe and the US respectively. The moribund European new issuance market saw a drop in volumes over the previous year, while the US kicked on again from 2011's increased .......

    News Round-up 21 February 2013

  • EMEA special servicing activity examined

    Twelve EMEA CMBS loans were added and four were removed from special servicing following work-outs in January, according to Moody's. A total of 157 loans, representing approximately 22% of the total outstanding deal volume, were in special servicing at the end of the month.

    The loans in special servicing are securitised across 53 large multiborrower and single-borrower transactions, three of .......

    News Round-up 21 February 2013

  • Ballston Common loan watchlisted

    Morningstar has added the US$42.2m Ballston Common Mall loan, securitised in PCM Trust 2003-PWR1, to its watchlist after it passed its maturity date last month. There has been no indication from the servicer as to the borrower's refinancing plans.

    The loan is secured by 310,704 square-feet of inline retail space within an enclosed mall in Arlington, Virginia. In the years .......

    News Round-up 20 February 2013

  • Turning the corner?

    Growing optimism in European CMBS market

    It has been a tough couple of years for European CMBS, but there are signs that the environment may be changing. Primary issuance is likely to pick up this year, while the rate of enforcements is expected to shrink as borrowers become more engaged and look to achieve orderly workouts.

    Primary issuance has been widely forecast to reach between €5bn .......

    News Analysis 18 February 2013

  • Control of TFLA loan eyed

    The US$150m JW Marriott Las Vegas Resort & Spa loan, securitised in the CSMC 2007-TFLA CMBS, realised a US$66.9m appraisal reduction this month. The move could shift control of the loan from the junior lender (Galante Holdings) to the class K notes and potentially resolve the ongoing litigation by three CRE CDOs to block it from exercising its fair value .......

    News Round-up 18 February 2013

  • CRE CDO late-pays fall

    Following a sharp spike late last year, US CRE CDO late-pays fell for a second straight month to 12.7% last month (from 13.4% in December), according to the latest index results from Fitch. New delinquent assets in January consisted of only two term defaults, one matured balloon loan and one credit-impaired security.

    The largest new delinquency is a term default .......

    News Round-up 18 February 2013

  • CMBS 3.0 asset enters special servicing

    The US$35m Doubletree by Hilton JFK Airport loan has been transferred to special servicing. Securitised in JPMCC 2012-CBX, the loan represents the first CMBS 2.0/3.0 asset to enter special servicing due to property performance.

    The property has generally performed reasonably well, according to MBS analysts at Barclays Capital, with DSCR NCF at 1.17x as of September 2012. However, the hotel's .......

    News Round-up 18 February 2013

  • New role for legal vet

    Joel Katz has joined Cantor Fitzgerald as md. In his new role he covers banks in Cantor's DCM mortgage securities department.

    Katz previously worked at Keefe, Bruyette & Woods and has previous industry experience from time spent at Sandler O'Neill, William R Hough, Raymond James, Freddie Mac and Fannie Mae. He has been in the industry for three decades.

    .......

    Job Swaps 18 February 2013

  • Supply anticipated from CRE CDO unwinds

    NorthStar Realty Finance Corp indicated in its 4Q12 earnings call yesterday that it may unwind some of its CRE CDOs over the next several years. According to RBS figures, NorthStar currently manages six CRE CDO, with a total collateral balance of approximately US$2.3bn - the majority (81%) of which is secured by CMBS.

    Five of these transactions - NSTAR I, .......

    News Round-up 15 February 2013

  • Slow progress for NHP turnaround

    A recent presentation by the borrower behind TITAN 2007-1 NHP provided an insight into the first 12 months trading of HC-One and its business plan going forward (see SCI's CMBS loan events database). The information provided suggests that the turnaround of the ex-Southern Cross nursing home CMBS is progressing at a slower pace than was originally envisaged.

    Three .......

    News Round-up 14 February 2013

  • CMBS creeping tighter again

    The US CMBS secondary market continues to tighten as supply recovers from the low levels seen at the start of the week. SCI's PriceABS data shows 91 unique line items from 34 tranches for yesterday's session, with a variety of talk and covers.

    GG10 dupers have gradually tightened this week to reach swaps plus 137/136, having closed out .......

    Market Reports 14 February 2013
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