CMBS

  • Barclays job cuts to hit seven CMBS

    Job cuts at financial institutions will affect demand for office space and have a minor negative effect on CMBS credit, according to S&P credit analysts James Manzi and Howard Esaki. They note that the credit of financial tenants is much higher than the average for CMBS, so the increased risk is largely in terms of lease rollover rather than default.

    News Round-up 5 August 2011

  • Warning over unintended risk retention consequences

    Evolving US risk retention regulations require careful navigation by securitisation market participants, according to Fitch. The rating agency has issued a new report in which it assesses the potential effect that pending risk retention rules could have on securitisation market dynamics and how US requirements compare to rules already implemented by European Union regulators.

    Fitch remains supportive of aligning issuer .......

    News Round-up 5 August 2011

  • UK debt advisory team expands

    CB Richard Ellis (CBRE) has appointed Adam Wilton as senior director in its UK debt advisory division, based in London. He joins from Barclays Corporate, where he was a director for real estate structured finance.

    CBRE says the hire is part of a drive to use specialist advisors in originating new loans or restructuring and refinancing old ones. Wilton has .......

    Job Swaps 3 August 2011

  • FHA finance co-heads named

    Walker & Dunlop has named Michelle Warner and Edward Williams as co-heads of its FHA finance division, responsible for all aspects of the firm's FHA finance programme. Warner joins from Deutsche Bank Berkshire Mortgage, while Williams has been promoted into his new role.

    Warner was FHA chief underwriter/programme manager for Deutsche Bank Berkshire Mortgage, responsible for loan structuring, credit risk .......

    Job Swaps 3 August 2011

  • US CMBS delinquencies spike in July

    The delinquency rate for US CRE loans in CMBS shot up by 51bp to 9.88% in July, according to Trepp's latest delinquency report. This is the highest delinquency rate in the history of the CMBS market and comes after two consecutive drops in the rate for May and June.

    However, Trepp says that much of the jump can be attributed .......

    News Round-up 2 August 2011

  • Japanese CMBS see more defaults and downgrades

    A high proportion of maturing underlying loans of Japanese CMBS transactions continued to default in 2Q11, according to S&P. At the same time, the agency says downgrade numbers have increased significantly.

    Twelve out of the 18 S&P-rated loans that matured in the quarter were not redeemed on their respective maturity dates. However, five other loans that had previously defaulted were .......

    News Round-up 2 August 2011

  • European loans in special servicing hit 100

    The number of loans in special servicing in European CMBS transactions reached 100 for the first time last month and 15% of euro loans (by balance) is now in special servicing. These figures attest to the troubles that the sector continues to face, according to S&P's July CMBS bulletin.

    "Although there were no delinquencies in June, this was to be .......

    News Round-up 2 August 2011

  • CMBS loan liquidations retreat in July

    Over US$1.3bn in US CMBS conduit loans were resolved with losses in July, according to Trepp, representing a retreat from June's record level.

    In total, Trepp says 175 loans were liquidated in July, compared to 197 loans and US$1.8bn in face amount in June. The losses on the July liquidations were about US$538m - representing an average loss severity of .......

    News Round-up 1 August 2011

  • Euro CMBS maturity defaults increasing

    Fitch says in a new report that the performance of European CMBS loans deteriorated during 2Q11, primarily due to an increasing number of maturity defaults.

    The proportion of loans categorised as being fully performing decreased to 67.2% from 71.2% during the second quarter. Fitch says this was primarily driven by a continued increase in the proportion of loans in maturity .......

    News Round-up 1 August 2011

  • US fixed-rate CMBS defaults approaching 13%

    Fitch's US CMBS cumulative default rate for fixed-rate CMBS increased to 12.9%, as of the end of 2Q11. This represents a 228bp increase compared to year-end 2010.

    "Limited conduit issuance so far this year has not yet helped to stabilise the cumulative CMBS default rate," says Fitch md Mary MacNeill. To date, US$9.95bn in new fixed rate conduit CMBS has .......

    News Round-up 29 July 2011

  • Loan servicer coo replaced

    LNR Partners Europe has appointed Matthias Schlueter as its new coo and md. Schlueter, who has 10 years of experience in the commercial real estate and CMBS special servicing industry, will take over the role from outgoing coo Mark Miller. Miller, in turn, has accepted a senior position in the firm's US special servicing business.

    Schlueter will be responsible for .......

    Job Swaps 25 July 2011

  • Real estate practice bolstered

    Jodi Schwimmer has joined Dechert's finance and real estate practice as counsel in New York. She was most recently an associate at Cadwalader, Wickersham & Taft.

    Schwimmer focuses her practice on CMBS, real estate finance and structured finance, representing clients in non-performing real estate debt obligations, structured products, the purchase and sale of commercial and multifamily mortgage loans, mezzanine debt, .......

    Job Swaps 22 July 2011

  • City Center Trust 2011-CCHP ratings queried

    Fitch has published another unsolicited assessment of a CMBS deal in marketing. As with its unsolicited assessment on DECO 2011-CSPK (SCI 3 June), the agency finds its expected ratings on City Center Trust 2011-CCHP (CCHP) to be out of step with those actually assigned to the deal.

    Fitch says that investment grade ratings assigned to the most junior class of .......

    News Round-up 22 July 2011

  • Securitisation race heats up

    At the halfway point of 2011, with close to US$140bn of qualifying deals counted, the race is heating up for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. Demonstrating how quickly the situation can change, May's sixth-placed firm has jumped to third this month. Europe, on the other hand, remains .......

    News Round-up 22 July 2011

  • Imperial Capital hires in structured finance

    Todd Fasanella has joined Imperial Capital as an md located in its New York office. He will focus on investment banking for the financial services and real estate, lodging and leisure sectors and will also expand Imperial's capabilities by pursuing structured and project financing transactions for the firm's investment banking and institutional sales & trading clients.

    Fasanella has over 15 .......

    Job Swaps 21 July 2011

  • Fitch sanguine on CMBS 2.0

    A new report from Fitch suggests that the agency is currently comfortable with new CMBS deal structures, despite what it describes as "mounting concern that US CMBS underwriting standards are on the decline". At the same time, the agency underlines that it will take action, should standards decline too quickly.

    Fitch says it believes that there is quite a way .......

    News Round-up 21 July 2011

  • EMEA special servicing activity reviewed

    Moody's reports in its latest EMEA specially serviced loan update that four loans were transferred into special servicing during June. One loan was removed, bringing the total number of loans in special servicing across EMEA CMBS large multi-borrower and single-borrower transactions monitored by the agency to 104.

    Highlights for the month include the restructuring of the €581m Mozart Loan securitised .......

    News Round-up 20 July 2011

  • Further mezz CMBS supply expected

    Additional US mezzanine conduit CMBS supply could hit the market, following the US$1bn liquidation of LNR VI 2007-2 CRE CDO last Friday. The liquidation was triggered by an EOD due to the B tranche taking interest shortfalls since April. Increasing modification rates are expected to trigger more interest shortfalls in the future, resulting in further CDOs experiencing EODs.

    In the .......

    News Round-up 19 July 2011

  • CMBS pay-off percentage jumps

    The percentage of US CMBS loans paying off on their balloon date jumped in June, according to the latest Trepp pay-off report. This jump comes on the heels of two consecutive months where the percentage fell.

    In June, 42.4% of loans reaching their balloon date paid off - over seven points above the May reading. The June number was above .......

    News Round-up 18 July 2011

  • Japan CMBS loan defaults increase

    The default rate of loans backing Moody's-rated Japanese CMBS has increased substantially. A total 63% of the Moody's-rated CMBS loans that matured during the first half of 2011 defaulted, up from 37% in all of 2010.

    The main reason for the sharply rise in defaulted loan amounts is due to the commencement of collection activities for some large loans, Moody's .......

    News Round-up 12 July 2011

  • Portfolio fire-sale averted

    A €940m portfolio of around 100 German commercial offices and retail premises has been saved from a potential fire sale. The Mozart loan, secured on properties with a valuation deficit of around €200m, has been restructured in-house at servicer Hatfield Philips.

    "Despite the borrowers being in Germany, the loan was restructured without having to write off any debt, thus ensuring .......

    News Round-up 12 July 2011
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