CMBS

  • Uni-Invest acquisition completed

    TPG and Patron Capital have closed their joint venture acquisition of Uni-Invest, following approval by the Dutch courts. The properties - which comprise 142 offices, 54 warehouses and seven retail outlets, providing an annual rent of €62m - will be held in an SPV dubbed Utrecht Holdings.

    Goldstar Research reports that asset management will be implemented, with the aim of .......

    News Round-up 6 September 2012

  • CMBS delinquency rate dips

    The US CMBS delinquency rate fell by 21bp to 10.13% in August, Trepp reports. This decrease occurred after five consecutive months in which the rate increased, including three months that set all-time records.

    The improvement in the rate was primarily driven by two factors, according to Trepp. First, loan resolutions remain elevated.

    Almost US$1.5bn in loans were resolved in August .......

    News Round-up 5 September 2012

  • Bridging the debt gap

    Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions

    Q: How is Narrow Road Capital involved in structured credit in Australia?
    A:     Narrow Road Capital is an Australian high yield and distressed debt asset management business, targeting investments primarily in loans, bonds, structured credit and listed notes. Structured credit is a key part of what we invest in, with the deal flow more regular and .......

    The Structured Credit Interview 4 September 2012

  • Euro CMBS maturities to remain subdued

    Three European CMBS loans recorded losses following the July 2012 reporting cycle, Fitch reports.

    The largest of these loans was the Orange loan, securitised in Fleet Street Finance Three. While losses are yet to be allocated to the notes, the servicer reports that a sale price of €50m has been accepted for the collateral - some way short of the .......

    News Round-up 3 September 2012

  • Technical rating action panned

    In a move that has been described as nonsense given the deal's low LTV and material outperformance, Fitch has placed the triple-A ratings of the Annington Finance No. 4 class A notes on rating watch negative. The agency says it is concerned about the transaction's structure, in particular the timing of bond maturities in relation to the loan due date.

    News 31 August 2012

  • GRAND ratings impact explored

    Fitch says that the proposed amendments to the GRAND CMBS (SCI 10 July) are likely to have a neutral to positive impact on the ratings. Following preliminary analysis of the publicly available information, the agency has confirmed that it doesn't view the proposed amendments as constituting a distressed debt exchange. It believes the changes are not being implemented to avoid .......

    News Round-up 31 August 2012

  • FATCA implications examined

    The forthcoming US Foreign Account Tax Compliance Act (FATCA) could have wide-ranging implications for global structured finance transactions, Fitch says. In particular, the FATCA status of SPVs and counterparties handling payments will be a key issue. Under current plans, withholding tax would apply on relevant interest payments from January 2014 and relevant principal payments from January 2015.

    The Act is .......

    News Round-up 31 August 2012

  • 'Foreclose and file' tactics exposed

    A bankruptcy auction of the remaining MSR Resorts properties, currently scheduled for 25 October, is expected to pay off the entire outstanding CMBS debt. The case highlights what happens when a mezzanine lender succeeds to foreclose and file, and is provided with an extensive exclusivity period.

    The proposed auction includes a stalking horse bid from Government of Singapore Investment Corp .......

    News 30 August 2012

  • Sprint Data Center payoff expected

    Morningstar has added the US$52.8m Sprint Data Center loan, securitised in the MLCFC 2006-1 CMBS, to its watchlist ahead of the 1 October anticipated repayment date (ARD). The loan is collateralised by a 160,000 square-foot class A data centre built in 2001 in Silicon Valley.

    For the 12-month period ended 31 December 2011, the net cashflow debt service coverage ratio .......

    News Round-up 30 August 2012

  • CMBS structurer comes back

    Raul Orozco has rejoined Citi as vp in New York, four years after his first stint with the bank. He joins from UBS and will focus on CMBS structuring.

    Orozco's last role was more heavily focused on RMBS and he also has experience in broader ABS and warehouse lending. He previously worked at Citi in an RMBS structuring role and .......

    Job Swaps 30 August 2012

  • Japanese CMBS recoveries examined

    S&P has undertaken a survey on the recovery of defaulted loans backing rated CMBS in Japan. From 2Q08 - when the first loan defaulted - to end-June 2012, 143 loans defaulted. Of these 143 loans, servicers sold one or more collateral properties of 120 loans (or 83.9%) by the end of the period.

    Servicers completed collection activities for 97 (or .......

    News Round-up 30 August 2012

  • Real estate lawyer recruited

    Jorge Page is joining Berwin Leighton Paisner's London-based real estate finance team. He was previously at Clifford Chance, where he worked in the London and Hong Kong offices, and joins as senior associate.

    .......

    Job Swaps 30 August 2012

  • CMBS loss severity spikes

    While CMBS conduit loan liquidations ticked up by a modest 4% this month, loss severity jumped from 37.96% to 53.29%, according to Trepp. That reading represents an increase of 1,533bp from July and nearly 10 percentage points above the 12-month moving average of 43.3%.

    Servicers picked up the pace somewhat in August as liquidations hit US$1.44bn, relative to the 12-month .......

    News Round-up 29 August 2012

  • CMBS BWIC composition switch

    The strong supply seen in the US CMBS secondary market last week appears to be continuing this week. However, bid-list composition has changed.

    A recent Babson Capital client memo notes that while AM/AJ classes represented almost 60% of volume during the previous week, last week their share was down to 35%, with most of the lists comprising legacy super-seniors and .......

    Market Reports 29 August 2012

  • CCRE names new chairman

    Steven Kantor has been appointed as chairman of Cantor Commercial Real Estate (CCRE). He was previously Cantor Fitzgerald's global head of investment banking and co-founded CCRE. Jeffrey Lumby and Charles Edelman replace him as co-heads of the investment banking business.

    Before joining Cantor Fitzgerald three years ago, Kantor was md at Credit Suisse, where he was head of global securities. .......

    Job Swaps 29 August 2012

  • NPL portfolio acquired

    Sabal Financial Group has acquired a non-performing CMBS loan portfolio from CWCapital. The underlying real estate assets are located across the US.

    Sabal will provide loan servicing and asset management for the portfolio. The firm says it is rapidly expanding its operating platform in response to the growing market of performing and non-performing loan portfolios for sale and an increase .......

    News Round-up 28 August 2012

  • CMBX rally overdone?

    With CMBX total returns increasing by an average of 3.4% over the last three months, CMBS analysts at RBS question whether the market has rallied too far too fast. Many CMBX.AAA, AM and AJ prices are trading at or near their highest prices in nearly a year, after increasing an average of 2.4, 3.3 and 4.1points respectively during this period.

    News 24 August 2012

  • Euro rating transitions examined

    By mid-2012, only 1.11% of European structured finance notes outstanding in mid-2007 had defaulted, according to S&P. Meanwhile, the 12-month rolling default rate edged only slightly higher to 0.5%.

    Even amid the deteriorating European economy, worsening collateral performance and the application of some updates to S&P's ratings criteria, the rise in the 12-month rolling downgrade rate slowed to only 30.8%. .......

    News Round-up 24 August 2012

  • DRA/Colonial JV falls through

    The US$741.9m DRA/Colonial Office Portfolio loan has been transferred to the special servicer - C-III Asset Management - because the borrower indicated it would no longer be able to make debt service payments. One of the loan's sponsors, Colonial Properties Trust, is understood to have withdrawn from its joint-venture agreement with the other sponsor - DRA G&I Fund VI Real .......

    News Round-up 24 August 2012

  • MountainView expands, forms alliance

    MountainView Capital Holdings has acquired Clayton IPS, the independent pricing service of Clayton Holdings. It has also appointed Andrew Platt to its executive team as head of business development.

    The newly-acquired IPS unit provides fixed income managers and investors with third-party pricing for securities such as ABS, RMBS and CMBS. The team also values residential whole loans, CDS, secured corporate .......

    Job Swaps 23 August 2012

  • Secondary CMBS softens slightly

    US CMBS spreads widened yesterday, with bid-list supply dropping to around half of Tuesday's total. SCI's PriceABS BWIC data still shows 74 CMBS line items for the session, with a mix of new and familiar names.

    Interactive Data reports that Wednesday's total CMBS BWIC volume was US$235m, with GG10 dupers quoted around 210/205 over swaps, slightly wider than .......

    Market Reports 23 August 2012
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