CMBS

  • New standard to drive transparency?

    A new Mortgage Industry Standards Maintenance Organization (MISMO) XML commercial rent roll standard is due to be released by the end of the month. As the CMBS industry grapples with the Dodd-Frank Act and transparency issues, some believe that including such files in investor disclosures pre- and post-securitisation is the most important remaining step issuers could take.

    Rent roll information .......

    News 20 October 2016

  • Euro secondary unmoved

    The European securitisation secondary market remains unmoved by continuing strong new issue volumes.

    The primary market is still attracting the majority of focus, but secondary continues to tick over with pockets of trading throughout euro and sterling ABS, CLOs and MBS. An overall slight buying bias is ensuring that tone remains positive and secondary spreads are unchanged across the board .......

    SCIWire 20 October 2016

  • SFR deal's unique structure assessed

    The unique structure of Amherst's inaugural single-family rental securitisation (SCI 6 October) presents specific risks regarding alignment of interest, says Moody's. The rating agency believes this may be partially mitigated by a strong property management agreement and the expertise of Amherst affiliate Main Street Renewal (MSR).

    Amherst will not retain any interest in the issued securities of AMSR 2016-SFR1 Trust .......

    News Round-up 19 October 2016

  • CMBS reporting platform launches

    DBRS has released a new CMBS reporting platform. Dubbed IReports, the loan-level reporting platform provides users with access to presale reports, surveillance updates, transaction information and contextual data.

    Presale reports for each DBRS-rated US and Canadian CMBS conduit transaction will be available on IReports at issuance, with ongoing surveillance analysis and commentary as the transaction seasons. Registration and access to .......

    News Round-up 18 October 2016

  • Euro secondary patterns persist

    Trading patterns in the European securitisation secondary market seen towards the end of last week are continuing into this.

    The primary market remains the main focus, but flurries of BWICs continue to bolster secondary activity. A few DNTs aside, line items in all sectors and parts of the capital structure continue to trade well. Despite some skittishness in broader markets secondary .......

    SCIWire 18 October 2016

  • Private markets platform prepped

    Man Group is set to acquire the entire issued share capital of Aalto Invest Holding and launch Man Global Private Markets (GPM), forming the firm's private markets offering. The aim is to provide clients with access to longer-term investments with a complementary risk-reward profile to the firm's current product suite.

    Aalto is a US and Europe-based real asset-focused investment manager, .......

    Job Swaps 14 October 2016

  • ACICS hit highlighted

    Morningstar Credit Ratings believes that the US Department of Education's termination of its recognition of the largest accrediting agency of for-profit colleges - the Accrediting Council for Independent Colleges and Schools (ACICS) - intensifies default risk on US$400.6m of CMBS. Overall, 19 CMBS loans with an allocated property balance of US$549.5m have exposure to for-profit colleges that are accredited by .......

    News Round-up 13 October 2016

  • Deutsche opts for horizontal slice

    The first-ever risk retention-compliant single-borrower CMBS has hit the market. The US$214m COMM 2016-667M is secured by a first lien on the borrower's fee interest in 667 Madison Avenue, a 25-story office building in Midtown Manhattan's Plaza District submarket.

    The trust loan is part of a US$254m whole loan, of which the seller (German American Capital) is retaining US$40m as .......

    News Round-up 13 October 2016

  • Euro ABS/MBS active

    The European ABS/MBS secondary market is staying active this week.

    "The busy primary market is taking a lot of attention, but there's still a lot of activity in secondary," says one trader. "That activity mainly surrounds bid lists where we're seeing bonds from all sectors and up and down the capital structure. For the most part those lists are being .......

    SCIWire 13 October 2016

  • Pari passu loans proliferating

    A combined US$64.1bn (original balance) of pari passu loans have been issued across single-asset/single-borrower (SASB) and conduit CMBS 2.0 deals, according to Deutsche Bank figures. US$52bn of the loans were securitised in conduit CMBS and account for 20% of total US CMBS volume since 2010.

    "Smaller deal sizes - declining from US$1bn-plus to US$854m in 2016 - have coincided with .......

    News 12 October 2016

  • Hurricane Matthew exposure eyed

    KBRA has identified 1,307 properties that secure 1,016 loans with an aggregate allocated loan balance of US$14.5bn across 157 CMBS that have exposure to Hurricane Matthew. Almost 90% of the properties were located in Florida (accounting for 59%), North Carolina (18%) and South Carolina (12%).

    To identify the potentially affected CMBS collateral, KBRA queried its database of rated CMBS transactions, .......

    News Round-up 12 October 2016

  • Mall performance gauged

    Regional mall liquidations amounting to US$3.89bn have since 2010 resulted in US$2.88bn in CMBS losses, or a 74% loss severity, according to Morningstar Credit Ratings. The agency estimates that a further US$3.81bn (or 7.8% of the balance) of loans backed by malls are in special servicing, while US$2.82bn are scheduled to mature through next year, many of which are likely .......

    News 11 October 2016

  • Defaults continue climbing

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe increased to 29.8% from 24.4% at end-September. The delinquency rate for continental European senior loans increased to 67.8% from 63.9%, while the rate for the UK increased to 32.7% from 25.4%. Overall, the senior loan delinquency rate increased to 54.5% from 50%.

    .......

    News Round-up 11 October 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid in the face of strong supply.

    Yesterday was relatively slow thanks to the US public holiday, but last week was busy up until with Friday's close as BWICs across ABS/MBS and CLOs continued to emerge as investors sought to make room for the current hefty amount of new issuance. With much of the .......

    SCIWire 11 October 2016

  • Delinquencies inch up

    US CMBS delinquencies climbed slightly higher last month, largely due to the shrinking denominator, according to Fitch's latest index results for the sector. Loan delinquencies rose by 3bp in September to 3.18% from 3.15% a month earlier.

    Resolutions of US$541m edged out new delinquencies of US$511m. However, delinquencies rose overall due to a US$9bn portfolio run-off that significantly exceeded Fitch-rated .......

    News Round-up 10 October 2016

  • Seller-financed deal debuts

    Amherst is in the market with its inaugural single-family rental securitisation, dubbed AMSR 2016-SFR1 Trust. The US$489.3m transaction - which is backed by a single floating-rate loan secured by mortgages on 4,262 properties owned by Altisource Residential Corporation (RESI) - is noteworthy for its unique structure.

    The securitisation is part of a seller-financed transaction, whereby Amherst sold the properties securing .......

    News 6 October 2016

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • CMBS pay-offs dip

    The percentage of US CMBS loans that paid off on their balloon date in September held steady at 66.9%, slightly below the August level of 68.4% and the 12-month moving average of 67.1%, according to Trepp. By loan count as opposed to balance, 67.5% of loans paid off in September.

    On this basis, the pay-off rate was about five points .......

    News Round-up 5 October 2016

  • Delinquencies reverse course

    The Trepp US CMBS delinquency rate reversed course in September, increasing by 10bp to reach 4.78%. The rate remains 50bp lower than the year-ago level and 39bp lower since the beginning of the year.

    CMBS loans that were previously delinquent but paid off with a loss or at par totalled about US$850m last month. Removing these previously distressed assets from .......

    News Round-up 4 October 2016

  • REIT names new advisor

    Realty Finance Trust has appointed Benefit Street Partners (BSP) as its new external advisor. The combination of the two operations is expected to create a 'one-stop-shop' for commercial real estate owners and brokers.

    The appointment follows a competitive process for selecting a new advisor, which was conducted by a Special Committee of the company's board of directors. In connection with .......

    Job Swaps 3 October 2016

  • CMBS liquidations drop

    US CMBS liquidation volume dropped to US$611.4m in September, while overall loss severity rose by 1.91 percentage points to 50.76%, according to Trepp. During the first three quarters of 2016, 619 conduit loans totalling US$7.6bn were disposed of at an average monthly loss severity of 50.29%.

    Average loan size for September liquidations declined to US$9.4m, falling below the nine-month average .......

    News Round-up 3 October 2016
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