CMBS

  • 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

  • ML3 auctions announced

    The New York Fed has announced four more asset sales from the Maiden Lane III vehicle, with bids due by 12 July.

    The first auction comprises three CDO tranches worth US$34.5m. Barclays Capital, Citi, Credit Suisse, Goldman Sachs, Guggenheim Securities, JPMorgan, Bank of America Merrill Lynch, Morgan Stanley, Nomura and RBS Securities have been invited to bid for the collateral.

    News Round-up 10 July 2012

  • GRAND refi details released

    Deutsche Annington has agreed non-binding heads of terms with the GRAND ad hoc noteholder group to refinance the deal via a scheme of arrangement (SCI passim). The agreement is pending approval from the remaining noteholders.

    Under the agreement, the loan maturity date (currently 2016) will be extended by five years, in return for an increase in the blended note margin .......

    News Round-up 10 July 2012

  • CMBS pay-offs inch up

    The percentage of US CMBS loans paying off on their balloon date in June was anchored near its 12-month low, according to Trepp's latest pay-off report. Only 32.3% of loans reaching their balloon date paid off last month, compared to 29.4% in May, indicating that it remains challenging for borrowers to refinance.

    The June total was well under the 12-month .......

    News Round-up 9 July 2012

  • ED private placement completed

    European DataWarehouse (ED) has successfully completed a private placement with 15 key investors, consisting largely of global banks and institutions. The placement was coordinated by Perella Weinberg Partners.

    Proceeds from the placement will be used to finalise the build-out of ED, as well as to provide the business with ongoing working capital. Completion of the platform, which will include an .......

    News Round-up 9 July 2012

  • Loan-level data implementation scheduled

    The ECB has released a timeframe for the implementation of loan-level data reporting for ABS. Provision of loan-by-loan information for RMBS will be mandatory as of 1 December 2012, with SME ABS and CMBS reporting to be implemented by 1 January 2013 and consumer finance, leasing and auto loan ABS reporting by 1 January 2014.

    Loan-level data is to be .......

    News Round-up 9 July 2012

  • UK CRE partnership formed

    Cornerstone Real Estate Advisers has appointed Laxfield Capital to originate and manage loans on its behalf in the UK. The agreement is part of Cornerstone's strategy to expand into the European CRE space.

    Laxfield will help Cornerstone source, structure and manage property-secured senior loans, with an initial target lot size between £25m and £75m. Cornerstone will offer a fixed rate .......

    Job Swaps 9 July 2012

  • High-touch provider

    Greg Winchester, md at TriMont Real Estate Advisors, answers SCI's questions

    Q: How and when did TriMont Real Estate Advisors become involved in the CMBS market?
    A: The company began in 1988 as Hatfield Philips, focusing on special servicing predominantly related to the thrift crisis in the US. We'd become the largest Resolution Trust Corporation contractor in the Southeast by the early 1990s. We then developed a large primary servicer and asset .......

    Provider Profile 6 July 2012

  • Sainsbury CMBS sees property withdrawals

    J Sainsbury, the borrower behind the Longstone Finance CMBS, has withdrawn without prepayment three properties from the portfolio. The properties - located in Ashford, Norwich and Northfleet - represent 6.5% of the deal's total investment value and 8.5% of the total gross store area.

    Moody's notes that the withdrawal of the properties without prepayment is credit negative because it raises .......

    News Round-up 5 July 2012

  • CRE auctions scheduled

    Auction.com has released property-level details for three auctions scheduled for this month. Barclays Capital CMBS analysts estimate that about US$814m of CMBS exposures, across 131 loans, is included among the assets.

    The first auction is scheduled for 15 July and comprises a mixture of property types and geographies. The largest CMBS property out for bid in this action is the .......

    News Round-up 5 July 2012

  • Mixed maturity outcomes anticipated

    European asset-backed analysts at RBS estimate that 31 European CMBS loans are due to mature this month, representing about €4.3bn of collateral. Given the discounted prices at which most bonds are trading, there is considerable value to be extracted by identifying loans that are likely to pay off, they note.

    About €2.9bn of the loans coming due is euro-denominated, while .......

    News 5 July 2012

  • CMBS delinquencies inch up

    The US CMBS delinquency rate increased by 12bp in June to 10.16%, according to Trepp. This new all-time high comes just one month after cracking through the 10% barrier.

    The increase in the delinquency rate was driven by weak performance among lodging, office and retail loans. The only major property type to improve in June was the industrial segment. Multifamily .......

    News Round-up 3 July 2012

  • Special servicer difficulties highlighted

    The legal wrangling over the Alburn Real Estate Capital (REC 6) CMBS (SCI 27 June) exemplifies the difficulties faced by special servicers in the current market.

    Pearsanta - the junior lender on the transaction - is said to have asked Savills not to sell any properties from the REC 6 portfolio, indicating that it disagrees with a structured sell-down. It .......

    News Round-up 2 July 2012

  • ARA hits Royal Mint Court

    The £72.45m Royal Mint Court loan, securitised in the Equinox (Eclipse 2006-1) CMBS, has been hit by an £82.23m appraisal reduction. The market value of the loan was £114.73m at origination in December 2005, with the new value representing a decrease of approximately 72%, resulting in a senior LTV of 223%.

    The loan is secured by four office properties located .......

    News Round-up 2 July 2012

  • CMBS servicer improvements reviewed

    Following a review of recent US CMBS modifications and liquidations, Fitch says that although servicer disclosure is improving, there is still room for improvement. The agency focused on three main items: workout alternatives, disclosure of fees and use of affiliates.

    Fitch found that the workout alternatives considered are not easily obtainable. Special servicers generally include alternatives and rationale for selection .......

    News Round-up 2 July 2012

  • SF trading head named

    Laila Kollmorgen has joined Raymond James Financial as head of European structured finance trading. She was previously md and head of European ABS/CDO trading at Cohen & Company and head of secondary ABS trading at BNP Paribas.

    .......

    Job Swaps 29 June 2012

  • Heavy EMEA CMBS maturities due

    Almost €2.5bn of outstanding CMBS debt - across 32 loans - falls due in July, the largest monthly volume to date in 2012, according to Fitch. Thirteen loans extended over the last year have inflated this total by €1.5bn.

    For loans maturing this month, two CMBS stand out. All five of the loans securing DECO Series 2005 - Pan Europe .......

    News Round-up 29 June 2012

  • CMBS loss severities dip

    US CMBS loan resolutions and loss severities cooled off in June, according to Trepp, with liquidations down by 19% from May's US$1.6bn. The average loss severity reported for this month is 38.37%, marginally lower than the 12-month moving average of 43% and a 5.5 point drop from the previous month's 43.87% reading.

    At US$1.34bn, liquidations were a notch higher than .......

    News Round-up 29 June 2012

  • Picton CMBS refi agreed

    Picton Property Income has entered into conditional agreements for two separate long-term debt facilities, totalling £209m in aggregate, ahead of its secured loan maturities in January 2013. The transaction could provide a blueprint for future European CMBS refinancings.

    The new facilities will be provided by Aviva (£95m) and Canada Life (£114m), with LTV covenants of 65%. On completion of the .......

    News Round-up 28 June 2012

  • REC 6 test case on the cards

    Pearsanta, the junior lender in the Alburn Real Estate Capital (REC 6), has begun High Court proceedings to confirm the appointment of Solutus Advisors as special servicer on the deal. In what is believed to be a first for the European CMBS market, the judge will be asked to decide between the legal enforcement of a contract and fiduciary duty .......

    News 27 June 2012

  • ECB repo eligibility broadened

    The ECB is set to reduce the rating threshold and amend the eligibility requirements for certain ABS, thereby broadening the scope of the measures to increase collateral availability that were introduced on 8 December 2011.

    Auto loan, leasing and consumer finance ABS and CMBS that have a second-best rating of at least single-A at issuance and at all times subsequently .......

    News Round-up 26 June 2012
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