CMBS

  • 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

  • CMBS default rate 'better than expected'

    Fitch's cumulative default rate for fixed rate US CMBS increased to 13.2%, as of 2Q12 - a 25bp rise from the previous quarter but slightly better than the agency's expectations. Earlier this year, it predicted that cumulative defaults would reach 14.5% by year-end.

    New defaults for 2Q12 total US$2.1bn across 143 loans. Following the trend from the first quarter, office .......

    News Round-up 30 July 2012

  • Beacon payout concerns highlighted

    Beacon Capital Partners is reportedly shopping five Seattle-area office buildings for around US$800m. The move has reignited concerns about the relatively low payout that CMBS investors have received from the collateral releases to date (SCI 4 October 2011).

    Of the remaining Beacon Seattle & DC Portfolio properties, Eastdil is understood to be marketing the former Washington Mutual Tower at 201 .......

    News 27 July 2012

  • CMBX 'poised to appreciate'

    With CMBX levels remaining fairly high, spread widening is being seen as an opportunity to add exposure, as many of the indices seem poised to appreciate on a long-term basis. Citi CMBS strategists suggest that the indices could also benefit in the short-term from a general market rally fuelled by additional central bank monetary accommodation.

    Most of the CMBX indices .......

    News Round-up 27 July 2012

  • Euro ABS treading water

    The summer was expected to be quiet for European ABS and that is how it has proved so far. The last week has not seen a lot of activity, although that is not down to a lack of potential buyers.

    "There is a lot of buying interest in the market right now, but it is not translating into a lot .......

    Market Reports 26 July 2012

  • New CMBS trade

    US CMBS spreads ground tighter yesterday, ending a three-day period of widening. The benchmark GSMS 2007-GG10 A4 tranche outperformed the broader market, according to Trepp, finishing at 230bp - 10bp tighter than at Tuesday's close.

    Bid-list volumes stood at around US$400m yesterday and on Tuesday, twice as much as the total seen on Monday. Out of almost 70 CMBS line .......

    Market Reports 26 July 2012

  • New CMBS JV formed

    MC Asset Management Holdings and Five Mile Capital Partners are launching MC-FMC Commercial Real Estate Finance Management. The joint venture will underwrite and originate commercial mortgages through a subsidiary to be used in CMBS pools.

    Mitsubishi Corporation will provide MC-FMC with a US$100m financing facility. MCAMH and FMC say that, with third-party leverage, MC-FMC will have the capacity to originate .......

    Job Swaps 26 July 2012

  • MPG Q2 highlights reviewed

    Maguire Properties has released its second-quarter results, shedding light on a number of CMBS properties sponsored by the company.

    Among the results' highlights is Maguire's confirmation that it has agreed with the special servicer to keep title of Two California Plaza, which secures a US$470m loan securitised in GSMS 2007-GG10, until a buyer for the property is found or a .......

    News 25 July 2012

  • Italian CMBS hit

    Moody's has downgraded the ratings of 12 notes from five CMBS exposed to assets located in Italy. The move follows the agency's decision to lower the Italian country ceiling to A2 from Aaa on13 July and the increased risk of asset performance deterioration. The affected transactions are: FIP Funding, Imser Securitisation 2, Island Refinancing, Taurus CMBS No.2 and Infinity 2006-1 .......

    News Round-up 25 July 2012

  • Euro CMBS 2.0 principles released

    CRE Finance Council Europe has published a consultative document outlining principles for new CMBS issuance. Entitled 'Market Principles for Issuing European CMBS 2.0', the document aims to help bring confidence back to the European real estate capital markets and stimulate the further development of European CMBS.

    The principles draw on the specific lessons learnt from previous European CMBS transactions. One .......

    News Round-up 24 July 2012

  • EMEA CMBS work-outs reviewed

    Moody's has released its latest update on EMEA CMBS specially serviced loans. The weighted average Moody's expected principal loss for loans in special servicing remains stable at 36%.

    The most recent addition to the EMEA specially serviced loans that the agency tracks is the £6m Chesterton Commercial loan, representing 1% of the pool balance in Deco 12 - UK 4. .......

    News Round-up 23 July 2012

  • CRE expansion continues

    Walker & Dunlop has hired Michael Lee and Matthew Lund, who will each be based in a newly-opened office in Madison, Wisconsin. Lee and Lund each join as vp and focus on financing all types of income-producing properties.

    Lee and Lund join from Grandbridge Real Estate Capital, where they specialised in originating and structuring CRE financing for all property types. .......

    Job Swaps 19 July 2012

  • US CMBS going strong

    It has been a busy last few days in US CMBS. While the secondary market has been quiet, primary issuance has been very healthy and there is more on the way.

    Freddie Mac and Fannie Mae each priced deals (US$1.3bn FREMF 2012-K710 and US$718m FNA 2012-M8) that were typically well received. The A1 tranche on the Freddie deal priced at .......

    Market Reports 17 July 2012

  • Fannie continues strong multifamily issuance

    Fannie Mae issued US$6.7bn of multifamily MBS in 2Q12 backed by new multifamily loans, slightly less than the first quarter total of US$7.1bn (SCI 20 April). It also resecuritised US$1.2bn of DUS MBS through its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) programme.

    "Increasing property values, solid operating incomes and a low interest rate environment are all creating tailwinds. .......

    News Round-up 16 July 2012

  • US CRE prices back up

    US CRE prices were up by 1.4% in May, according to the Moody's/RCA Commercial Property Price Indices. They had been down 0.6% the month before.

    The increase for core commercial properties was 1.2%, with apartment prices rising 1.9% during the month. The central business district (CBD) office sector saw the largest gains, with prices rising 8.1%.

    "Acquisition demand for CBD .......

    News Round-up 13 July 2012

  • CMBS leverage set to rise

    Leverage on US CMBS conduit loans to be securitised in the third quarter will likely be higher than it was in the second quarter, leading to more credit enhancement being necessary to achieve similar ratings, Moody's notes. Specifically, based on the transactions in its deal pipeline, the agency's LTV ratio is positioned to increase to 102.1% during the quarter from .......

    News Round-up 12 July 2012

  • APAC upgrades outnumber downgrades

    Fitch reports that APAC structured finance upgrades outnumbered downgrades in 2Q12 for the first time in two years. There were 24 upgrades, four downgrades and 267 affirmations during the quarter.

    The upgrades were predominantly driven by stronger-than-expected asset performance and increased available credit enhancement in Australia and India. The limited downgrades in the quarter were mostly to distressed tranches of .......

    News Round-up 12 July 2012

  • Trepp adds ETF to CMBS offering

    Trepp has partnered with BlackRock's iShares exchange-traded funds (ETFs) business. It will now integrate the iShares Barclays CMBS Bond Fund into its CMBS analytics product offering.

    The iShares fund is the first ETF to provide exposure to investment grade CMBS (SCI 17 February). Trepp has leveraged its CMBS data to provide clients with a detailed overview of the iShares Barclays .......

    Job Swaps 12 July 2012

  • GRAND proposal wins support

    GRAND CMBS bonds reacted positively in the secondary market to the proposed restructuring terms (SCI 10 July), with class A spreads moving from the low- to mid-90s to above 97 and junior tranches rallying by more than 20 points. If accepted, the refinancing is expected to lead to a 're-rating' of the transaction, with further significant price appreciation possible.

    Deutsche .......

    News 11 July 2012

  • Dodd-Frank provisions reviewed

    SIFMA public policy and advocacy evp Kenneth Bentsen yesterday testified before the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises regarding the impact of the Dodd-Frank Act. Specifically, he focused on the implementation of the Volcker Rule, credit risk retention, Title VII and Section 165(e) single counterparty credit limits.

    "It is essential that US regulatory agencies, in .......

    News Round-up 11 July 2012

  • GBW sale supports MFH CMBS

    A portfolio of 33,000 apartments being sold by BayernLB subsidiary GBW is expected to generate significant bidding interest, reflecting sustained demand for German multifamily housing (MFH) portfolios, Fitch notes. The agency says this supports its view that the diversified and durable income generated by well-managed MFH is a major strength for the three large German MFH CMBS - albeit balloon .......

    News Round-up 10 July 2012
×