CMBS

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 6th Annual Pricing, Trading & Risk Management Seminar, which is taking place on 7 December in London. The event is being held at Reed Smith's offices at 20 Primrose Street, EC2A 2RS.

    This conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The programme .......

    News Round-up 5 December 2012

  • Pricing analytics offered

    Deutsche Bank has made two of its analytic models - Deutsche Bank CMBS Credit Model and Deutsche Bank Mortgage Prepayment Model - available on the Bloomberg Professional service. The former is the first independent CMBS model on the Bloomberg Professional service and enables investors to estimate the overall value of commercial mortgage securities and effectively analyse loan portfolios. The latter .......

    News Round-up 4 December 2012

  • EMEA funding gap underlined

    Over 70% of EMEA CMBS loans maturing in 2012 have not been repaid, suggesting that a lack of refinancing options will continue to weigh on the sector in 2013 and 2014, Fitch says. Evidence of new entrants in the European commercial mortgage market is growing, with several senior debt funds in the process of raising equity and large insurance companies .......

    News Round-up 4 December 2012

  • Mixed outlook for US CMBS

    The overall credit quality of loans backing new US CMBS will continue to weaken in 2013, but underwriting will not match the low quality experienced when CMBS volumes peaked in 2007, according to Moody's. Higher DSCRs and greater amortisation are expected to combine to somewhat mitigate the impact of higher leverage in new transactions, which the agency predicts will total .......

    News Round-up 4 December 2012

  • Conflict of interest warning

    Fitch believes that the steep reduction in the balance of US CMBS loans in special servicing (SCI 3 December) may intensify some of the conflicts of interest that special servicers have wrestled with. It also may be difficult to maintain over the long run, as the balance remains high and a large number of maturities are due in 2015-2017.

    A .......

    News Round-up 4 December 2012

  • Stuy Town court case settled

    The Roberts vs. Tishman Speyer Properties court case has been settled. The settlement removes the last significant obstacle to a sale of the Stuyvesant Town-Peter Cooper Village apartment complex and reduces the likelihood of CMBS losses.

    The settlement has been agreed to by both sides, as well as the New York State Division of Housing and Community Renewal and the .......

    News 3 December 2012

  • Loans in special servicing drop

    The volume of underperforming US CMBS loans in special servicing registered its sharpest quarterly decline, according to Fitch's latest index results for the sector. After peaking at US$91.7bn in 2010, CMBS loans in special servicing dropped by nearly US$6bn to US$74.8bn at the end of 3Q12.

    Other encouraging signs for the sector include declines in both the number of assets .......

    News Round-up 3 December 2012

  • Liquidation volumes move higher

    US CMBS loss severity levels remained relatively unchanged in November, according to Trepp, while the volume of loans liquidated during the month moved sharply higher. There were 159 loan liquidations in November, resulting in US$750.3m in losses and an average loss severity of 42.22%.

    The November reading was 29bp lower than the October level of 42.51%. November's average loss severity .......

    News Round-up 30 November 2012

  • CRE vet recruited

    United Realty Capital has named Craig Eastmond md. He will be based in New York and report to Barry Funt, president of the firm.

    In addition to providing advisory, placement, corporate finance and investment banking services to United Realty and its affiliates, Eastmond will be responsible for originating and executing arbitrage opportunities in the commercial real estate and finance space. .......

    Job Swaps 30 November 2012

  • Repo resecuritisation closed

    New York Mortgage Trust has entered, through a wholly-owned subsidiary, into a master repurchase agreement with a three-year term for the purpose of financing certain K-Series multifamily CMBS. The REIT received gross cash proceeds of approximately US$52m before deducting expenses associated with the transaction.

    Pursuant to the terms of the master repurchase agreement, RB Commercial Mortgage transferred approximately US$116m of .......

    News Round-up 29 November 2012

  • Slight widening seen in US CMBS

    US CMBS secondary spreads were quoted yesterday at swaps plus 175bp/174bp, just a little wider than the previous close of swaps plus 173bp, according to Interactive Data. SCI's PriceABS data shows a healthy amount of BWIC activity for the session, with little change in price levels over the last few weeks.

    A variety of BACM paper was out .......

    Market Reports 29 November 2012

  • B-piece growth predicted

    S&P suggests that the number of active B-piece buyers should not constrain US CMBS issuance in 2013. The agency puts the total size of the non-agency B-piece market in 2012 at about US$1.8bn, absorbed by eight buyers.

    The leading B-piece buyer this year has been Rialto Capital (accounting for six deals), closely followed by Eightfold Capital (five), according to S&P. .......

    News Round-up 28 November 2012

  • Loan-level reporting timelines lengthened

    The ECB has adjusted its timeline for the start of loan-level data reporting requirements as part of the Eurosystem's collateral framework, to allow for the smooth implementation of what it deems as necessary amendments to Guideline ECB/2011/14 at the national level.

    For RMBS and SME transactions, the reporting requirements will now be mandatory as of 3 January 2013. For CMBS, .......

    News Round-up 27 November 2012

  • More defaults predicted ahead of refi wall

    Moody's expects the EMEA CMBS refinancing wall to reach its peak in 2013, when 135 loans with a current securitised balance of €16.1bn will need to be refinanced. More maturing loans are consequently likely to default in 4Q12, as the refinancing wall approaches.

    "The combination of tight lending conditions, weak macroeconomic outlooks and the predominance of secondary quality collateral assets .......

    News Round-up 27 November 2012

  • CR IM expands to meet Irish challenge

    CR Investment Management is opening an office in Dublin, led by newly-appointed director Chris Ogle. The company expects €70bn of distressed Irish real estate portfolios to come to market by 2015 and believes its expertise in the management of CRE portfolios can help resolve the distress in the market.

    Ogle was previously at Lehman Brothers and more recently served as .......

    Job Swaps 27 November 2012

  • TMAN bucks flat market trend

    The European CMBS market may be starting to wind down for the year, but the last week has still seen a fair level of activity. TMAN 7 remains among the most liquid deals, despite insolvency proceedings being opened for the Brahms loan and standstill for the Handel loan being extended until later this month (see SCI's loan events Market Reports 27 November 2012

  • Multifamily CMBS on the cards

    Gagfah's latest quarterly results contain two key updates for CMBS investors, relating to GRF 2006-1 and the €1bn WOBA loan split between WINDM IX and DECO 2007 E5. Management plans to refinance a portion of the debt via a new CMBS.

    Regarding the WOBA loan, European securitisation analysts at Deutsche Bank note that since the summer Gagfah's strategy has been .......

    News Round-up 23 November 2012

  • Auction planning

    Participants urged to be aware of CMBS note sale costs

    Increasing adoption of US CMBS note auctions is significant for both noteholders and borrowers. Losses can be considerable and the tax implications for borrowers are not widely understood.

    Note auctions have become more widely used this year for US CMBS loan resolutions, having accounted for about US$8bn of the US$84.5bn resolved in 2010 and 2011. By way of comparison, US$12bn .......

    News Analysis 22 November 2012

  • MBIA-wrapped deals hit

    Moody's has downgraded the ratings of 179 classes of US structured finance securities wrapped by MBIA Insurance Corp, following the monoline's downgrade to Caa2 (SCI 20 November). Approximately US$9.33bn of securities - backed by first- or second-lien US residential mortgages, private student loans, RMBS, CMBS and ABS - are affected. The agency notes that its ratings on structured finance securities .......

    News Round-up 22 November 2012

  • Sell-off seen in CMBX

    After fluctuating widely in early October, the CMBX index has sold off as poor corporate earnings and renewed risks from Europe impacted the broader market. CMBX.3.A and CMBX.4.A were especially affected by the pull-back, according to MBS analysts at Citi, with prices falling by 6.15% and 6.39% respectively through last week. CMBX indices have now given back most QE3-driven gains .......

    News Round-up 22 November 2012

  • Rare Canadian CMBS marketing

    Brookfield Asset Management is in the market with a rare Canadian CMBS. Dubbed Bay Wellington Tower Senior Secured Mortgage Bonds, the transaction comprises a single C$525m tranche of notes with a preliminary Moody's rating of A2.

    The deal is sponsored by Brookfield Canada Office Properties, a publically traded Canadian REIT, with the proceeds being used to refinance existing mortgage debt .......

    News Round-up 22 November 2012
×