CMBS

  • Market moves - 23 February

    North America

    David Sykes has rejoined Chapman and Cutler as a partner, expanding the firm's San Francisco office and asset securitisation department. Prior to rejoining, he was most recently at Renew Financial where he served as general counsel.

    Onex has appointed Tate Abols to its investor relations and fund development team as md. Abols was most recently a principal on .......

    Market Moves 23 February 2018

  • Market moves - 16 February

    EMEA

    Fulcrum Asset Management has recruited Mark Horne as a director within the newly created Fulcrum Alternative Strategies team, reporting to partner Matthew Roberts. Horne previously worked as an independent asset management consultant in London and Paris. Prior to that, he was a senior credit manager researcher at Willis Towers Watson and was director of client services at Natixis Global .......

    Market Moves 16 February 2018

  • French ABS to benefit from new regime

    The creation of a new SPV regime in France (SCI 11 October 2017) will boost the country's ABS sector by simplifying the existing investment framework and streamlining the origination of loans and structuring of transactions. It is also hoped that the new vehicle will enable France to compete with other jurisdictions in attracting foreign capital for a range of .......

    News Analysis 14 February 2018

  • CRE CLOs quick off the line

    Two more firms have launched inaugural CRE CLOs, with a US$480.4m transaction from Argentic Silverpeak and a US$510.2m transaction from Bridge Investment Group. The transactions are further examples of a surge in CRE CLO issuance since the start of 2018, indicating a trend of investment firms favouring the CLO structure over traditional CMBS, particularly due to the flexibility the structure .......

    News 12 February 2018

  • Key CMBS pillars hold steady

    New US CMBS transactions are generally seeing signs of improving credit quality. This challenges recent rating agency criticisms that there has been a fall in the quality of the underlying loans.

    Moody's recently stated that there has been an erosion of key pillars of loan structural quality, particularly in single-borrower CMBS deals. Tracy Chen, portfolio manager and head of structured .......

    News Analysis 7 February 2018

  • Blackstone preps Italian CMBS

    Blackstone is tapping the market with a €403.81m Italian CMBS. The transaction, dubbed Pietra Nera Uno, is a securitisation of three senior commercial real estate loans and two pari passu-ranking capex facilities advanced to three Italian borrowers.

    The borrowers are Moma Fund (a regulated Italian real estate fund and the borrower under the Fashion District loan), Multi Veste Italy (the borrower under .......

    News 5 February 2018

  • Market moves - 2 February

    North America

    CVC Credit Partners has named Gretchen Bergstresser as global head of performing credit - a new role within the firm - having led its US performing credit strategy. Phil Raciti, senior md in CVC's New York office, will become head of US performing credit. Additionally, from 1 February partner and London-based senior portfolio manager Jonathan Bowers will become .......

    Market Moves 2 February 2018

  • Call for transparency underlined

    A push for transparency is a common thread among European initiatives to reinvigorate the securitisation markets. Communication and standardisation are expected to play significant roles in facilitating this effort.

    Christian Thun, ceo at European DataWarehouse, agrees, in principal, that better communication is required to improve transparency in the European securitisation market. "Reading through the STS regulation, communication is only mentioned .......

    News Analysis 2 February 2018

  • TPG moves into CRE CLOs

    TPG RE Finance Trust (TRTX) is marketing an inaugural US$932.4m CRE CLO. The transaction, entitled TRTX 2018-FL1, is the second-largest CRE CLO to be issued post-crisis and will initially be collateralised by 26 mortgage assets, secured by 63 properties.

    Moody's and KBRA have assigned expected ratings of Aaa/AAA to the US$491.831m class A notes and KBRA has provisionally assigned triple-A to the US$72.259m .......

    News 2 February 2018

  • Euro secondary picking up

    Activity in the European securitisation secondary market is gradually picking up, albeit from a low starting point.

    December saw a significant drop in volumes and left secondary spreads unchanged on the month. Since the start of 2018 trading activity has slowly increased week on week, but still remains intermittent and a pick-up in BWIC supply has only been evident over the .......

    SCIWire 31 January 2018

  • Market moves - 26 January

    North America

    Schulte Roth & Zabel has elected Stephen Schauder as a partner in the structured finance and derivatives group, working with co-heads Craig Stein and Boris Ziser. Schauder joined the firm as an associate in 2015 after having previously worked at Stroock & Stroock & Lavan in the structured finance department.

    CIFC has hired Jay Huang as md, senior .......

    Market Moves 26 January 2018

  • CRE CLO market tapped

    Värde Partners is tapping the market with a debut US$368.1m cashflow CRE CLO. The transaction, entitled VMC Finance 2018-FL1, is expected to close on 8 February and comprises 24 first-lien whole loans and pari-passu participations secured by commercial real estate properties spread across 12 US states.

    Moody's and KBRA have assigned ratings of Aaa/AAA to the US$200.6m class A notes .......

    News 25 January 2018

  • Toys R Us impact eyed

    Toys 'R' Us is set to close 182 stores, accounting for seven million square-feet or about a fifth of its US footprint, beginning early next month and running through mid-April. An estimated 51 properties securing 44 loans totalling US$2.03bn across 49 US CMBS have exposure to a location that is slated for closure.

    The closures follow Toys 'R' Us's filing .......

    News 25 January 2018

  • Going green

    Current status of green ABS market discussed

    Representatives from Clifford Chance, TMF and Ygrene Energy Fund recently discussed the current status of green ABS during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the established asset classes, those that are developing, and what is next for the sector.

    Q: As the .......

    Talking Point 25 January 2018

  • Market moves - 19 January

    Acquisitions
    RenaissanceRe Ventures is set to acquire a minority shareholding in Catalina Holdings (Bermuda), with the aim of helping the business to explore a wider range of transaction structures. The agreement is subject to regulatory approval and is expected to close concurrently with the majority acquisition of Catalina by affiliates of Apollo Global Management. Aditya Dutt, president of Renaissance Underwriting Managers, will .......

    Market Moves 19 January 2018

  • Market moves - 12 January

    Acquisition

    Acrisure is set to acquire 100% of Beach & Associates equity from the firm's existing shareholders, which include Aquiline Capital Partners and Beach management. Under new ownership, Beach will retain its name and continue to operate as an independent advisory and transactional broking business within Acrisure. The existing Beach management team will remain following the transaction and have elected to become .......

    Market Moves 12 January 2018

  • CRE servicing composition tracked

    Dwindling CMBS and CRE CDO issuance posed a significant challenge for commercial mortgage servicers over the past decade. As such, servicers have sought greater exposure to loans from non-CMBS investors - including life insurance companies and the GSEs - to maintain portfolio volumes.

    US CMBS and CRE CDO loans made up 61% of the unpaid principal balance of the portfolios .......

    News 8 January 2018

  • CRTs coming to America?

    Capital relief trades (CRTs) have become an established feature of the European securitisation market, with multi-billion euro deals frequently issued to achieve regulatory capital relief (see SCI's capital relief trades database). Although these transactions have not yet been embraced by US banks, that is expected to change.
     
    Rumours of US CRTs in the offing continue to circulate. Sources suggest .......

    News Analysis 8 January 2018

  • Santander, Lloyds ride synthetic CMBS wave

    Santander and Lloyds have each put together synthetic securitisations of commercial real estate portfolios. The financial guarantees and significant risk transfer deals are the first in a wave of post-crisis synthetic CMBS issuance.

    The CRE asset class experienced defaults pre-crisis due to cliff effects or abrupt step-ups in refinancing risk that put off investors. However, asset managers are coming in .......

    News Analysis 4 January 2018

  • Project finance risk transfer completed

    Santander has completed a synthetic risk transfer securitisation, transferring risk on a €2.3bn portfolio of loans originated in Spain and other EU countries. Scope Ratings has rated the transaction triple-A.

    The synthetic project finance CLO references a portfolio of 241 loans originated by Banco Santander. The deed was executed yesterday, 21 December.

    Scope has rated the €1.514m A tranche at .......

    News 22 December 2017

  • Embracing a tactical approach

    David Moffitt, head of tactical investment opportunities at LibreMax Capital, answers SCI's questions

    Q: How and when did LibreMax Capital become involved in the securitisation market?
    A: LibreMax Capital was established in October 2010 by founding cio Greg Lippmann and founding president Fred Brettschneider, who previously worked at Deutsche Bank and Credit Suisse together. The firm - which focuses exclusively on .......

    The Structured Credit Interview 22 December 2017
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