CMBS

  • GIP restructuring on the cards

    Redefine International has reached an in-principle agreement to restructure and extend the £114.6m Government Income Portfolio (GIP) loan, securitised in UK CMBS Windermere XI, ahead of its October maturity. The move is viewed as positive, albeit it is likely to result in a principal loss.

    Key terms of the proposed restructuring include the borrower repaying £33.5m of debt, in return .......

    News 10 August 2012

  • CMBS payoff rate drops

    The percentage of US CMBS loans paying off on their balloon date hit a 12-month low last month, according to the Trepp July 2012 Payoff Report. Only 26.3% of loans reaching their balloon date paid off in July.

    By comparison, in May the payoff rate registered a paltry 29.4% - the lowest reading since October 2010, when the payoff percentage .......

    News Round-up 8 August 2012

  • Insurer investment performance underlined

    CRE Finance Council and Trepp have released the results of a recent survey of commercial mortgage investment performance within the insurance company sector. The survey was used to gather previously unavailable industry data for use in assessing investment performance during the downturn and for general benchmarking purposes.

    Insurance companies representing nearly half of the industry's total mortgage exposure, with US$150bn .......

    News Round-up 8 August 2012

  • CMBX.6 prepped

    Markit is believed to be readying CMBX.6, which will reference post-crisis CMBS transactions. The new index is expected to launch by the beginning of 2013 and comprise of six sub-indices corresponding to the triple-A, AS, double-A, single-A and triple-B minus tranches of 20-25 CMBS 3.0 deals.

    CMBS strategists at RBS suggest that CMBX.6 may serve as a more efficient hedging .......

    News Round-up 8 August 2012

  • Enhanced granularity offered

    Interactive Data Corporation has enhanced the FINRA-Interactive Data structured trading aggregate reports available in Vantage, its web application. With additional layers of granularity, financial institutions can now obtain a more complete view of trading activity related to securitised products, the company says.

    A new agency hybrid ARMS trade reporting summary and more granular trading tables are now available via Vantage. .......

    News Round-up 7 August 2012

  • More arrivals for Gleacher

    Gleacher & Company Securities has further boosted its MBS and rates team. Michael Lanigan joins as md while David Philbin joins as director, following hot on the heels of a team of seven others recruited at the end of last month (SCI 31 July).

    Lanigan becomes head of MBS and rates sales for the Chicago office. He was most recently .......

    Job Swaps 7 August 2012

  • Junior SIV ratings hit

    S&P has lowered its credit ratings on all of Mazarin Funding's junior senior notes. These rating actions include the correction of an administrative error on the series 2010-21 junior senior notes. At the same time, the agency has affirmed all of the SIV's A-1+ short-term ratings on the commercial paper programmes and repurchase agreement notes and the triple-C minus ratings .......

    News Round-up 6 August 2012

  • CMBS loan refinanceability analysed

    Nearly 1,900 US fixed rate conduit CMBS loans totalling US$24bn in Fitch's rated universe are expected to mature within the next twelve months. The agency reports that 41% (59% by balance) of upcoming maturing loans would be unable to refinance under its defined stressed refinance parameters. However, it does not anticipate any immediate ratings impact, since potential maturity defaults are .......

    News Round-up 6 August 2012

  • Titan Europe MOU signed

    Transaction notices published last week for the Titan Europe 2006-1, 2006-2, 2006-3 and 2006-5 CMBS shed some light on how parties to the transactions expect the cash management agreements to operate going forward (SCI 25 May). The cash manager, servicer, special servicer, liquidity facility provider and note trustee for all four deals entered into an MOU, whereby they agreed on .......

    News 2 August 2012

  • CMBS auction volume drops

    The volume of US CMBS earmarked for auction via note sales in August appears to have dropped compared with previous months. CMBS analysts at Barclays Capital estimate that about US$236m of CMBS conduit loans are out for bid this month, compared with US$815m in July.

    The bulk of the supply is accounted for by two large loans: the US$80.5m Pier at .......

    News Round-up 2 August 2012

  • CMBS supply running steady

    Generic US CMBS spreads were mostly unchanged yesterday, but AM tranches did grind about 5bp tighter. Interactive Data figures place BWIC volume for the session at US$418m, with around a quarter of the paper focused in 2006/2007 vintage AJs. Trading flows have slowed over the last few days after July proved a particularly active month, continuing a rally that started .......

    Market Reports 2 August 2012

  • CRE loan ratings sought

    Fitch notes in its latest quarterly EMEA Structured Finance Snapshot publication that insurance companies and other institutional investors are considering mortgage lending opportunities in European commercial real estate, in a bid to fill part of the void left by bank deleveraging and the absence of a vibrant European CMBS market.

    The agency says it has been approached by investors seeking .......

    News Round-up 2 August 2012

  • Unusual IO resecuritisation marketing

    Wells Fargo is in the market with WFRR 2012-IO, a US$336.25m resecuritisation of 104 CMBS interest-only securities. The collateral has a current aggregate notional balance of US$16.3bn and is sourced from 97 different fixed rate CMBS that were issued between 1997 and 2012.

    Kroll Bond Rating Agency has assigned preliminary triple-A and triple-B ratings to the US$304.5m class A and .......

    News Round-up 2 August 2012

  • Ex-Freddie CRE lawyer joins

    Soha Mody has joined the real estate practice of Shapiro, Lifschitz & Schram. She joins as senior counsel and will be based in Washington DC.

    Mody will focus on CRE transactions, real estate finance and lending matters and related litigation. She was most recently associate general counsel at Freddie Mac and has previously worked at the real estate practices of .......

    Job Swaps 2 August 2012

  • Rise in Euro CMBS repayments

    Last month saw increased European CMBS repayment activity, according to Fitch's latest bulletin for the sector. Total debt of €900m was repaid across 13 loans, which were either due to mature during the month or were previously extended or in workout.

    Most of the loans that repaid were expected to do so by Fitch. They were all either secured on .......

    News Round-up 1 August 2012

  • CMBS loss severity dips

    US CMBS liquidation levels remained mostly unchanged last month, following a 19% drop in resolutions in June, according to Trepp. July saw an average loss severity of 37.96% on US$1.38bn in resolutions.

    The July loss severity fell below the 12-month moving average of 42.8%, while resolution volume landed slightly above the 12-month average of US$1.29bn. Since January 2010, servicers have .......

    News Round-up 1 August 2012

  • Uncertainty weighs on European structured finance

    The marked divergence seen either side of the Atlantic in structured finance issuance volume trends in 1Q12 continued throughout Q2, according to the latest SCI league tables for bank arrangers in the structured credit and ABS markets.

    The 2Q12 SCI league tables show that sovereign and economic uncertainty are continuing to hold back supply and demand for European paper. Half-year .......

    News Round-up 1 August 2012

  • Knight hires CMBS pair

    Knight Capital Group has hired Robert Cestari and David Simek as CMBS mds. Cestari will serve as head of CMBS and CRE debt trading while Simek becomes head of CMBS sales. They each join from PrinceRidge Group.

    Cestari was head of CRE debt trading at PrinceRidge and previously held posts on the buy side at Apollo Real Estate Advisors and .......

    Job Swaps 1 August 2012

  • CMBS delinquency rate moves higher

    The US CMBS delinquency rate set an all-time high once again this month, increasing by another 18bp to 10.34%, according to Trepp. This latest move puts the delinquency level up by 97bp since February and makes July the fifth straight month in which the rate has increased.

    The only major property type to improve was the retail loan segment. Lodging, .......

    News Round-up 31 July 2012

  • Cantor hires CMBS vet

    Kenneth Margala has joined Cantor Commercial Real Estate (CCRE) from UBS. He joins CCRE as director and will be focused on loan origination.

    Margala specialised in CMBS, bridge and mezzanine transactions at UBS and has experience as a real estate consultant for a variety of financial institutions, as well as having previously served as a regional manager for Merrill Lynch .......

    Job Swaps 31 July 2012

  • Gleacher build-out continues

    Gleacher & Company Securities has recruited seven professionals to its MBS & Rates division in New York. Glen Riis and Samir Shah have joined the firm as mds, along with directors Eric Baeri, Samuel Herrnson, David Kaplan, Anthony Mun and Jeffrey David Weaver.

    Riis previously served as the CMBS portfolio manager at Treesdale Partners, where he managed the firm's investment .......

    Job Swaps 31 July 2012
×