CMBS

  • Job swaps round-up - 25 August

    EMEA

    Fitch has appointed Marjan van der Weijden as global group head of structured finance and covered bonds, based in London. She has been with Fitch for 18 years and most recently served as head of EMEA structured finance since 2010. The agency has also appointed Kevin Duignan as global group head for financial institutions, based in New York. He .......

    Job Swaps 25 August 2017

  • Debut CRE CLO closed

    Hunt Mortgage Group has closed its inaugural US$349.3m CRE CLO, dubbed Hunt CRE 2017-FL1. The transaction is backed by 23 floating-rate mortgages secured by 36 transitional properties, with plans to stabilise and improve the asset value.

    Hunt's first CLO follows the recruitment of several staff with extensive securitisation expertise. This effort began nearly two years ago, with the hire of .......

    News 24 August 2017

  • Large loan volatility examined

    Larger properties have shown higher default rates than smaller properties in US CMBS over the last decade, according to DBRS. While this is partly due to the recession, the rating agency also finds that cashflow is more volatile in portfolios of larger loans.

    Over time, cashflow change in portfolios of larger loans appears more volatile, with steep decreases in a .......

    News 23 August 2017

  • Dutch deal breaks BTL ground

    RNHB last month priced a Dutch buy-to-let (BTL) RMBS dubbed Dutch Property Finance 2017-1 (see SCI's primary issuance database), marking the first of its kind from the jurisdiction and including several unusual features (SCI 17 July). However, only €824.5m of bonds were placed with investors, despite the deal originally being marketed at €1.5bn.

    Ruben van Leeuwen, head of .......

    News Analysis 21 August 2017

  • Job swaps round-up - 18 August

    North America

    Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, overseeing the firm's financial and portfolio investment functions, as well as working with its ceo Marty Hughes and president Chris Abate in advancing its long-term business strategies. Robinson will begin at the firm in October, reporting to Abate, having previously served as head of mortgage .......

    Job Swaps 18 August 2017

  • 'Cross-over' dispute highlighted

    The trustee for the MLCFC 2007-8 CMBS has withheld US$143.7m in principal, according to August remittance data, as the transaction parties seek to determine the payment order. Trepp suggests that the dispute pertains to how principal payments in 'cross-over periods' should be handled.

    The trustee website this month indicates that there is a language dispute between the PSA and the .......

    News 17 August 2017

  • Job swaps round-up - 11 August

    North America

    John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Reef Road Capital, and before that was at Citadel Investment Group and Paloma Partners. He will be based in New York and ......

    Job Swaps 11 August 2017

    Premium Content

  • Innovative CRE CLO marketing

    Bancorp Bank is marketing a US$314.4m static commercial real estate CLO, backed by 24 floating-rate commercial mortgage loans secured by 31 properties. The transaction, dubbed Bancorp 2017-CRE 2, is structured as a REMIC trust and features several innovations, including not permitting a ramp-up or the acquisition/reinvestment of assets post-closing. The sponsor is also expected to sell the risk retention-compliant first-loss .......

    News 11 August 2017

  • Green agency CMBS 'first' prices

    Fannie Mae has priced its first GeMS REMIC backed exclusively by green MBS collateral. The issuance is the first of its kind in the market and builds on the GSE's previous US$1bn FNA 2017-M2 transaction, which was backed by 30 loans originated under the Fannie Mae green financing business and securitised as green DUS MBS (SCI 16 February).

    FNA 2017-M10 .......

    News 10 August 2017

  • Peripheral ABS playing catch-up

    Structured finance issuance in the European core has held up well over the summer, with spreads continuing to grind tighter. Although peripheral ABS spreads remain wide of the core, the periphery appears to be catching up.

    "Spreads throughout Europe - in both the core and periphery - have been going in the same direction for a while now, albeit at .......

    News Analysis 4 August 2017

  • Job swaps round-up - 4 August

    North America

    Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and structured finance. Robert Rich focuses primarily on representing corporate debtors, secured and unsecured creditors, indenture and securitisation trustees, lessors and other parties in interest in .......

    Job Swaps 4 August 2017

  • Job swaps round-up - 28 July

    North America

    Ashurst is cutting its CLO practice because it sees it as "less relevant" to its global structured finance practice. It says "it will not be replacing the CLO team," many of whom have moved to Chapman and Cutler. The five partners joining Chapman and Cutler are Pat Quill, David Nirenberg, Steve Kopp, Doug Bird and Tom Glushko.

    Hunt .......

    Job Swaps 28 July 2017

  • Euro secondary staves off summer

    The European securitisation secondary market has not yet quite shutdown for summer with a pick-up in activity seen yesterday.

    For the first time in a while more than minimal secondary activity was seen across ABS/MBS sectors yesterday. A mixture of the slowing primary market and final pre-August positioning drove increased trading from both investors and the Street.

    The session saw a flurry .......

    SCIWire 27 July 2017

  • Bond classification trends eyed

    Banks have favoured adding hold to maturity (HTM) bonds to their portfolios in recent years. However, new FASB accounting rules are set to allow prepayable assets to qualify for hedge accounting, which could see bank demand increase for available for sale (AFS) agency RMBS and CMBS securities.

    Strong deposit inflows have resulted in increased bank demand for both HTM and .......

    News 24 July 2017

  • Job swaps round-up - 21 July

    Acquisitions

    BGC Partners     has acquired commercial real estate finance company Berkeley Point Financial for US$875m, subject to certain adjustments at closing. Berkeley Point focuses on the origination and sale of multifamily and other CRE loans through government-sponsored and government-funded loan programmes, as well as the servicing of CRE loans, including those it originates. The company is set to become part of .......

    Job Swaps 21 July 2017

  • Unusual Austrian CMBS readied

    An unusual CMBS has begun marketing (see SCI's deal pipeline). NOE Verwaltungszentrum-Verwertungsgesellschaft represents a credit tenant-lease transaction, backed by a lease with the State of Lower Austria, incorporating supplemental structural features to mitigate certain limitations of the lease agreement under Austrian law.

    A Sfr475m A tranche will be offered to investors. Moody's has provisionally rated the notes at .......

    News 21 July 2017

  • Job swaps round-up - 14 July

    North America

    Mortgage Capital Trading has hired Bill Berliner to the newly created role of director of analytics. He was previously mortgage community manager at Thomson Reuters.

    BlueMountain Capital Management has hired Lee Kempler as coo for investments. He was previously md at Blackrock.

    FS Investments has hired Michael Carter as evp, head of strategy. He will be based in .......

    Job Swaps 14 July 2017

  • Mall-backed CMBS defies retail concerns

    JPMorgan and Column Financial are in the market with a US$150m CMBS. West Town Mall Trust 2017-KNOX is backed by a commercial mortgage loan secured by the largest enclosed mall in Tennessee.

    The transaction is sponsored by a subsidiary of Simon Property Group, which co-owns the West Town Mall property with a subsidiary of Teachers Insurance and Annuity Association of .......

    News 13 July 2017

  • Grocery-backed CMBS prepped

    Citi and Morgan Stanley are in the market with an unusual US$706.7m CMBS sponsored by Madison International Realty and DDR. Dubbed CGMS 2017-MDDR, the transaction is backed by three separate loans, each secured by a portfolio of predominantly grocery-anchored retail properties located across nine US states.

    Unusually, the loans are not cross-collateralised or cross-defaulted. As a result, payments and losses .......

    News 10 July 2017

  • Job swaps round-up - 7 July

    North America

    Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on structured insurance and reinsurance transactions. He was previously counsel at Drinker Biddle & Reath.

    Cadwalader has hired Peter Morreale as partner in the capital markets team in the Washington, DC office. He was previously at Goldman Sachs, where he was md and associate general .......

    Job Swaps 7 July 2017

  • CMBS green bond debuts

    Natixis has issued the first-ever 'green' tranche in a CMBS, in collaboration with Ivanhoe Cambridge and Callahan Capital. The US$72m bond was incorporated in the recent CSAIL 2017-C8 transaction and refinanced part of the US$358.6m fixed-rate first mortgage loan provided by Natixis to Ivanhoe Cambridge for the acquisition of the 85 Broad Street building in New York.

    Natixis commissioned an .......

    News 6 July 2017
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