CMBS
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DQT edges down
The delinquency rate on loans included in US CMBS conduit/fusion transactions fell by 23bp in August to 9.01%, according to Moody's Delinquency Tracker (DQT). The rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker, also declined in August - by 7bp to 12.23%.
August was the eighth consecutive month that delinquencies in the US have .......
News Round-up 29 September 2011
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European CMBS recovery still not in sight
More weakness in the credit markets means that a recovery for European CMBS is not yet in sight, according to two new reports from S&P.
According to 'European CMBS: The Next 100 Days', which looks back on the sector in the first half of this year, new issuance appears unlikely to revive anytime soon. The report predicts that, despite steady .......
News Round-up 28 September 2011
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Bishopsfield bolsters CRE advisory
Bishopsfield Capital Partners has recruited Arjan van Bussel as a new partner to further build its advisory, real estate and structured finance capabilities. He joins from RBS, where he was responsible for European CRE transactions in the structured finance team.
Previously, van Bussel worked in structured real estate capital at ABN AMRO, having also been a member of the bank's .......
Job Swaps 21 September 2011
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TRX.II launch date announced
The long-awaited launch of indices referencing CMBS 2.0 (SCI 7 April) is now set. Markit has announced that the first trading date for its new family of indices based on CMBS issued since 2010 - the Markit TRX.II indices - will be 3 October 2011.
TRX.II will comprise a maximum of 25 triple-A rated securities from 25 different CMBS deals. .......
News Round-up 20 September 2011
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Action plan
Real estate auction platform looks to expand
Online bidding platform Auction.com is credited for helping to resolve distressed real estate in the US by putting it directly into the hands of local entrepreneurs. The company is now looking to expand into the European market and potentially via non-core CRE asset dispositions.
Participants at a Hatfield Philips servicer forum last week described Auction.com as having had a "stunning .......
News Analysis 20 September 2011
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LNR restructures
LNR Property has announced a new operating and an ongoing realignment of global resources. The firm says the move aims to meet the evolving demands of current businesses, opportunities unfolding in the current market environment and requirements arising from the Dodd-Frank regulatory environment.
The new operating structure comprises three business units that span across the global marketplace: LNR Asset Services, .......
Job Swaps 19 September 2011
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Securitisation leaders hold firm
At the end of August 2011, with more than US$171bn of qualifying deals completed, the leaders maintained their places in the SCI US league tables for bank arrangers in the structured credit and ABS markets. All added to their account as the month saw US$10.9bn of issuance.
Europe, meanwhile, saw a stronger indication of the traditionally quietest summer month, with .......
News Round-up 19 September 2011
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CMBS origination JV established
Barclays Capital and FundCore Finance Group have established a CMBS loan origination and securitisation programme. Barcap will provide funding to originate conduit loans, while FundCore will source loan opportunities.
The programme's loans will be jointly underwritten by Barclays Capital and FundCore and are anticipated to be periodically securitised. The two firms say they will look to originate and securitise five-, .......
Job Swaps 19 September 2011
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Real estate partner returns
Pierre-Denis Leroux has returned to Blake, Cassels & Graydon's real estate group as a partner in the Montréal office. He was previously a partner at McCarthy Tétrault.
Leroux practises commercial law, focusing on acquisition and disposition of real estate, as well as structured and secured financing. He has documented some of the most complex transactions in Canada in these practice .......
Job Swaps 15 September 2011
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US CMBS delinquencies back off
US CMBS delinquencies backed off the previous month's record high as US$3bn of loans left the Fitch Loan Delinquency Index in August, lowering the rate by 36bp to 8.65% from 9.01%, according to the latest index results. However, the agency says month-to-month volatility will likely persist.
The potential for volatility was underscored by August's four largest loan resolutions, which accounted .......
News Round-up 9 September 2011
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Pay-offs barely move in August
The percentage of loans paying off on their balloon date barely moved in August, according to the latest Trepp pay-off report.
In August, 39.5% of loans reaching their balloon date paid off. This was just a shade lower than July's 39.6% reading. The August number was just above the 12-month rolling average of 39.2%.
By loan count - as opposed .......
News Round-up 7 September 2011
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Agency CMBS on the rise
Compared with pre-2009, when GSE issuance was relatively minimal and private investment bank transactions dominated the CMBS new issue market, agency deals now account for a more significant portion of the primary market.
"Between 1995 and 2007, GSEs contributed anywhere from just under 3% to just over 11% of the total new issue CMBS market," says S&P research analyst James .......
News Round-up 7 September 2011
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Pru JV hires second CMBS originator
Prudential Mortgage Capital Company has hired Scott Heath as a loan officer covering the mid-Atlantic, southeast and southwest regions from the firm's Atlanta office. He will originate commercial mortgage-backed loans for securitisation by Liberty Island Group, the JV between Prudential Mortgage Capital Company and affiliates of Perella Weinberg Partners' asset-based value strategy. His appointment follows the hiring of a CMBS .......
Job Swaps 6 September 2011
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Investment management director hired
LNR Partners Europe has appointed Derek Rich as its new director of investment management and business development. He will report to Matthias Schlueter, coo and md, and will be assisting in the expansion of LNR's loan and asset services platform across Europe.
Rich has over 13 years of experience in the CRE and CMBS industry, of which eight years were .......
Job Swaps 5 September 2011
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CMBS loan resolutions slow again
Just over US$1bn in CMBS conduit loans were resolved with losses in August, according to Trepp, as the rate of loan resolutions slowed for the second consecutive month. However, the average loss severity was up sharply from the July reading.
In total, 159 loans were liquidated in August compared to 175 loans and US$1.3bn in face amount in July. The .......
News Round-up 2 September 2011
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CMBS delinquency rate recedes in August
The delinquency rate for US CRE loans in CMBS fell 36bp in August to 9.52%, according to Trepp's latest delinquency report. This is the second largest drop since the beginning of the credit crisis in 2008 and the third time the rate has dropped in the past four months.
Trepp says that as with July (CRE Finance 2 August 2011), .......
News Round-up 2 September 2011
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Euro CMBS maturity repayments improve
Fitch's European CMBS Maturity Repayment Index materially improved during August, increasing to 40.9% from 34.9% in the previous month due to full and partial redemptions totalling €348.1m. This also resulted in the outstanding matured loan balance decreasing by 2.2% to €9.62bn. Of the 182 loans that have matured since 2007, 73 have been repaid in full and 12 have realised .......
News Round-up 1 September 2011
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GGP CMBS rating action averted
S&P says that its ratings on five CMBS will not be affected by the recent interest shortfalls caused by the payment of workout or corrected loan fees, following the full repayment of five modified General Growth Properties (GGP) loans that were previously with their respective special servicers. The five transactions (and the related GGP loans) are: COMM 2001-J2 (Rivertown Crossings), .......
News Round-up 1 September 2011
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More Aussie CMBS to emerge?
Since the yields of Australian RMBS have come off their post-crisis highs, Australian originators of small ticket commercial loans are discovering that more investors - seeking higher yields - are investing in SME CMBS, according to Moody's. However, while the agency doesn't expect further issuance in the SME space this year, it suggests that there may be some issuance in .......
News Round-up 30 August 2011
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Innkeepers initiates litigation
Innkeepers USA Trust and its affiliates yesterday announced that they have filed a complaint with the US Bankruptcy Court for the Southern District of New York against Cerberus Series Four Holdings, Chatham Lodging Trust and other related defendants for breach of contract and other claims for reneging on their commitment to acquire 64 hotels from Innkeepers (SCI passim).
The "defendants .......
News Round-up 30 August 2011
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Fewer US CMBS loans coming due in 2012
2012 will see a sizeable drop in the number and volume of CMBS loans maturing from that seen this year, according to Fitch. In transactions rated by the agency, approximately 1,200 commercial mortgage loans totalling US$17.3bn are scheduled to mature in 2012 compared to 2,000 loans totalling US$22.5bn in 2011. Maturities are likely to remain modest in 2013 and 2014 .......
News Round-up 26 August 2011