CMBS

  • Structured finance solutions

    Contributed thought leadership by Ocorian

    Sonal Patel, md, head of sales - Americas, Bermuda and Caribbean, and Sinead McIntosh, business development director at Ocorian, a global leader in corporate and fiduciary services, fund administration and capital markets, highlight how structured finance solutions are coming to the fore across securitisation markets

    Q: How is the securitisation industry responding to the Covid-19 fallout and .......

    Talking Point 7 October 2020

  • 'Quick fix' draft legislation published

    Sector developments and company hires

    ‘Quick fix’ draft legislation published
    The European Parliament has published draft legislative resolutions on amendments to the Securitisation Regulation and CRR in connection with STS synthetics and non-performing exposures.

    Among the proposals is a tightening of the definition of an NPE securitisation and the introduction of stricter language on risk retention, according to Rabobank credit analysts. The regulatory treatment .......

    Market Moves 6 October 2020

  • SME ABS debut for Italian fintech

    Sector developments and company hires

    SME ABS debut for Italian fintech
    Banca Valsabbina has supported fintech BorsadelCredito.it as arranger, account bank and subscriber - together with other institutional investors – of ABS notes in a €100m securitisation backed by trade receivables granted to SMEs and guaranteed by the Central Guarantee Fund for SMEs. This is the first unrated securitisation operation listed on Borsa Italiana’s ExtraMOT-PRO .......

    Market Moves 30 September 2020

  • Mezz CLO fund closed

    Sector developments and company hires

    Mezz CLO fund closed
    Pearl Diver Capital has completed the final closing of its eighth closed-end CLO investment fund, PDC Opportunities VIII, at US$400m. Launched with a target raise of US$300m, the fund hit its hard cap, with LPs represented by public pension systems, corporate pension plans, high net-worth family offices and endowments. The fund is designed to invest opportunistically .......

    Market Moves 29 September 2020

  • Cashflow concerns

    WFH shift highlighted in office, multifamily CMBS

    Both the US office and multifamily CMBS sectors will be impacted by the coronavirus-induced working-from-home (WFH) trend. The consequent need for the reconfiguration of physical properties, as well as leases, is highlighted by Fitch in a new report.

    Many workers will continue to choose to WFH, due to concerns about mass transit during the commute to work and .......

    News 28 September 2020

  • Under pressure

    CRE uncertainty persists

    Commercial real estate companies backed by exposure to retail face difficult months ahead, following renewed downward pressure on rental income and non-prime property values amid the prolonged economic fallout of the Covid-19 crisis. Indeed, as the uncertainty over the sector continues, one question is what sort of approach investors should follow in their attempts to gauge the outlook for .......

    News Analysis 28 September 2020

  • Revolver exposures on offer

    Sector developments and company hires

    Revolver exposures on offer
    Goldman Sachs is in the market with a balance sheet synthetic securitisation referencing a portfolio of predominantly investment-grade senior unsecured revolving loan facilities. Dubbed Goldman Sachs Bank USA credit-linked notes due 2025, the transaction comprises two classes of S&P-rated CLNs for a total of US$184.8m.

    The transaction documentation links the ability of Goldman Sachs to .......

    Market Moves 25 September 2020

  • Tech crazy

    Securitizations of tech assets finding favour in Covid world

    Securitizations of technology assets are proving popular with US investors in the Covid marketplace, according to a new Moody’s report based on interviews with “dozens” of structured finance issuers, arrangers and investors around the world.

    In particular, securitizations of data centres, both as a constituent asset of CMBS transactions and corporate ABS deals, have caught the eye of buyers, say .......

    News Analysis 18 September 2020

  • SYME securitisation underway

    Sector developments and company hires

    SYME securitisation underway
    Supply@ME Capital (SYME) reports that it has received offers, subject to contract, from a number of large, global institutional investors for a securitisation note issuance via StormHarbour, in order to monetise more than €300m of inventory (SCI 24 April). The company says it is currently analysing whether to syndicate this first securitisation issuance or work on .......

    Market Moves 11 September 2020

  • Multi-level Libor exposure eyed

    Sector developments and company hires

    Multi-level Libor exposure eyed
    Japanese securitisations with exposure to Libor on multiple levels will face the highest risks in the transition away from the benchmark rate when it is phased out at end-2021, Moody's notes. Around 20% of Japanese structured finance transactions the agency rates have Libor exposure and, in some cases, there is Libor exposure through notes, as well .......

    Market Moves 9 September 2020

  • Euro CLO payment mismatch grows

    Sector developments and company hires

    Euro CLO payment mismatch grows
    The payment frequency mismatch between underlying loans and European CLOs is growing as loan issuers switch to semi-annual payments to manage risks in the Covid crisis, according to Fitch. The agency reports an increase in the share of semi-annual obligations among quarterly-paying Fitch-rated CLOs to around 50% of the portfolio balance in July 2020, from .......

    Market Moves 8 September 2020

  • Hotel headache

    Hotel-backed US CMBS sector eyes crucial year-end

    The hotel/lodging-backed US CMBS market sits on a knife edge. No area of the ABS market is less protected against the harsh winds of the Covid 19 economic winter, and the next few months will be crucial to the performance of many CMBS transactions.

    Fitch Ratings yesterday retained its Rating Watch Negative (RWN) for all single borrower hotel CMBS deals, but if .......

    News Analysis 4 September 2020

  • CMBS cure rates eyed

    Sector developments and company hires

    CMBS cure rates eyed
    August US CMBS remittance data shows declining 30-plus day delinquency rates, as consent and forbearance agreements came into force and the country reopened. Within post-GFC conduit deals, 30-plus day delinquencies fell 40bp month-on-month to 8.1%, while SASB delinquencies improved 34bp to 7.4% and CRE CLOs improved 30bp to 2.4%.

    Contributing to this improvement in delinquencies .......

    Market Moves 3 September 2020

  • Negative rating actions tallied

    Sector developments and company hires

    Negative rating actions tallied
    Fitch reports that global structured finance negative rating actions - including downgrades, negative outlooks and rating watch negatives - reached an eight-year high in 1H20, reflecting weakening credit conditions due to the coronavirus pandemic-related recession. As of 30 June, 8% of the agency’s ratings had a negative outlook and 3% of ratings were assigned a RWN, compared .......

    Market Moves 2 September 2020

  • View from an investor Part II

    Last week DuPont Capital's Karlis Ulmanis told us where he s...

    Things not to like

    CRT

    Three GSE CRT bonds have been issued since early March, when the lockdown began. These were the most recent $1.088bn (upsized from $1.038bn) STACR DNA4 priced by Freddie on August 18, the $1.1bn STACR 2020-DNA3 printed at the beginning of July which re-opened the market and the $835m STACR 2020-HQA3 printed at the end of .......

    Talking Point 1 September 2020

  • View from an investor

    SCI hears from an US MBS buyer about what he likes in the market... and next week what he doesn't

    Karlis R. Ulmanis, CFA, is a portfolio manager at DuPont Capital. In these waning days of summer, he gave an hour of his time last week to sit down (virtually, of course…) with SCI to discuss where he sees value in the current somewhat fractured and definitely jittery MBS market, agency and non-agency. We publish the first half of .......

    Talking Point 25 August 2020

  • FDIC sued over Madden rule

    Sector developments and company hires

    FDIC sued over Madden rule
    The states of California, Illinois, Massachusetts, Minnesota, New Jersey, New York, North Carolina and the District of Columbia last week filed a lawsuit in the US District Court for the Northern District of California against the FDIC over its final rule clarifying that when state-chartered banks sell, assign or transfer a loan, an interest rate that .......

    Market Moves 25 August 2020

  • Skilled nursing CMBS eyed

    Sector developments and company hires

    Skilled nursing CMBS eyed
    DBRS Morningstar is reviewing its ratings on the CSMC 2019-SKLZ, Greystone CRE 2018-HC1 and CHC 2019-CHC CMBS, which are secured primarily by skilled nursing facilities. The agency warns that in the coming months, nursing homes and their parent companies may face significant legal liability as a result of the high death toll at nursing homes during .......

    Market Moves 24 August 2020

  • Seasoned QMs proposed

    Sector developments and company hires

    Seasoned QMs proposed
    The CFPB has issued a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages, with the aim of encouraging innovation and to help ensure access to a responsible, affordable mortgage credit market. To be considered a seasoned QM under the proposal, loans would have to be first-lien, fixed-rate covered transactions that have .......

    Market Moves 20 August 2020

  • Special servicing assets transferred

    Sector developments and company hires

    Special servicing assets transferred
    The assignment of substantially all of the assets of C-III Asset Management to Greystone Servicing Company, pursuant to the applicable PSA associated with each of the C-III specially-serviced CMBS, is complete. The assignment includes 64 transactions rated by Moody's and 28 Moody's-rated US conduit CMBS that hold C-III specially-serviced companion loans, but excludes the non-C-III specially-serviced .......

    Market Moves 18 August 2020

  • Suburban bounce

    SFR volumes up as renters vacate cities

    Single-family rental (SFR) securitisation issuance has picked up this year, despite coronavirus-related volatility. Notably, suburban developments appear to be benefiting as renters seek alternatives to the urban environment.

    “The impact of the Covid-19 environment on the economy and real estate assets continues to unfold,” says Daniel Tegen, senior director at KBRA. “The resulting implications on cashflow and value .......

    News Analysis 18 August 2020
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