CMBS

  • Real estate platform strengthened

    C-III Capital Partners is set to acquire Resource America, following a comprehensive review of strategic and financial alternatives that the latter company announced in January. Under the terms of the agreement, Resource America stockholders will receive US$9.78 per share in cash, or a total of approximately US$207m. The price per share represents a premium of over 128% from Resource America's .......

    Job Swaps 31 May 2016

  • Ex-SEC counsel joins law firm

    BakerHostetler has added Walter Van Dorn to its New York office as a partner. He was most recently at Dentons and has also worked at Thacher Proffitt & Wood, Clifford Chance and the US SEC. Van Dorn has worked in London, Hong Kong and Washington and focuses his practice on corporate securities law, including ABS.

    .......

    Job Swaps 31 May 2016

  • For-profit college exposure gauged

    Morningstar Credit Ratings believes that government scrutiny and poor public perception of the US for-profit education industry could intensify default risks on up to US$1.88bn in CMBS. The industry has been hit by a series of investigations and settlements that resulted in the closure of Corinthian Colleges and a 28% decline in enrolments between September 2011 and September 2015. In .......

    News Round-up 27 May 2016

  • NOI trends analysed

    Moody's has published a mid-year update on net operating income (NOI) trends for the main types of collateral backing US CMBS conduit loans. The update covers the period between 2004 and 2015, and tracks year-over-year changes in same-store property financials as reported by borrowers and processed by master servicers.

    The report is based on borrower financials for 2015 that were .......

    News Round-up 27 May 2016

  • Euro secondary strengthens

    The European securitisation secondary market is continuing to strengthen.

    "Market tone continues to be strong in our market thanks in part to the current positive wider credit environment," says one trader. "However, it remains difficult to source paper as everybody is holding on to what they have."

    The trader continues: "Flows are still thin, while primary and secondary supply is falling .......

    SCIWire 26 May 2016

  • BDC buys out rival

    Ares Capital is set to acquire American Capital in a deal that will form a combined company worth more than US$13bn of investments. The board of directors for both companies unanimously approved the merger, with American Capital shareholders set to receive US$3.43bn in cash and stock consideration as a result.

    The announcement coincides with a separate decision for American Capital .......

    Job Swaps 25 May 2016

  • Wildfire exposure gauged

    DBRS has identified 12 loans across nine Canadian CMBS, with a current outstanding balance of C$145.8m, secured by properties located in Fort McMurray that are exposed to wildfires. The assets consist of five multifamily complexes, two hotels, two industrial facilities and an office property.

    Although 10 of the 12 loans have recourse, six of the loans that are sponsored by .......

    News Round-up 25 May 2016

  • Retention relief?

    CMBS preservation bill hangs on Congress

    The US CMBS market is seeking some breathing space as issuers ramp up their compliance measures ahead of the implementation of risk retention rules at year-end. Participants are keenly watching the progress through Congress of a bill that proposes some much-needed relief for certain areas of the commercial real estate market.

    Risk retention measures have been at the forefront for .......

    News Analysis 24 May 2016

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains very patchy.

    Despite a positive end to last week that saw spreads tick in and a continuing strong tone in to this, ABS/MBS continues to see highly selective trading. While there is little BWIC activity, what flows there are have so far this week been focused on prime assets.

    Similarly, tone remain .......

    SCIWire 24 May 2016

  • CMBS loan quality turns corner

    Moody's has launched a new quarterly overview of the US CRE and CMBS market. The inaugural report finds that the quality of new CMBS loans improved in 1Q16 as property prices levelled off.

    "Triple-A bond spreads were volatile during 1Q16, contributing to slowing conduit loan origination," says Moody's director of CRE research, Tad Philipp. "But over the last few transactions, .......

    News Round-up 23 May 2016

  • CRE pro launches firm

    Former Avison Young principal David Eyzenberg has launched his own firm, Eyzenberg & Company, of which he is managing partner. The firm is a New York-based real estate investment bank, providing bespoke financial services to consumers and providers of CRE capital. Three associates have joined the firm to assist with transaction execution.

    Additionally, Eyzenberg remains a partner at Anika Equities .......

    Job Swaps 23 May 2016

  • Risk retention class debuts

    Colony Starwood Homes is in the market with its first single-family rental securitisation - the US$535.9m Colony Starwood Homes 2016-1 - following the merger of Colony American Homes and Starwood Waypoint Residential Trust in January. The transaction is also notable for including a risk retention class, representing a subordinate 5% horizontal strip designed to comply with risk retention rules.

    Provisionally .......

    News 20 May 2016

  • Euro secondary strong but slow

    Sentiment remains strong across the bulk of the European securitisation secondary market but away from CLOs activity remains very slow.

    ABS/MBS secondary continues to be hampered by lack of supply as BWICs have remained thin on the ground this week. Meanwhile, flows are highly selective and almost exclusively dealer-driven.

    There is more activity being seen in the CLO space, however. .......

    SCIWire 19 May 2016

  • SFIG adds advocacy leader

    SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive director Richard Johns and will lead the group's interactions with regulators and legislators.

    McCrocklin was most recently vp and head of federal affairs at Zurich North America. He has also served as senior counsel on the US House of Representatives Committee on Financial Services and was .......

    Job Swaps 18 May 2016

  • Fund targets new structured opportunities

    Semper Capital Management is prepping a new alternative asset strategy to seize new opportunities in structured credit resulting from a combination of post-crisis regulatory changes and disruptive technology. The firm has begun making investments in target assets and will officially launch the fund on 1 June.

    "New, previously impossible products are being created as a result of big data and .......

    Job Swaps 18 May 2016

  • SFR expenses weighed

    Actual net cashflow in single-family rental securitisations has been in line with expectations at new issuance. However, Morningstar Credit Ratings reports that the expense components have been hurt by higher-than-expected actual capital expenditures and helped by lower-than-expected vacancy.

    In a recent study of 17 single-borrower SFR transactions, the agency highlights that gross potential rent and other income make up revenue. .......

    News Round-up 17 May 2016

  • CMBS, CLO data tie-up confirmed

    Trepp has purchased CLO data and cashflow analytics firm Codean. The UK-based firm has a US and European CLO deal library, which will be combined with Trepp's CMBS database to enable investors to perform deep analysis across two complementary asset classes.

    Codean's CLO analytics platform will become part of the Trepp solution suite. It is able to evaluate each tranche, .......

    Job Swaps 17 May 2016

  • Freddie debuts latest risk transfer offering

    Freddie Mac has a new way to transfer multifamily mortgage credit risk. It has now settled its first offering of Freddie Mac Multifamily Structured Credit Risk (SCR) Notes.

    The US$52m SCR Notes Series 2016-MDN1 deal transfers a portion of the credit risk on certain multifamily mortgage loans backing targeted affordable rental housing tax-exempt bonds guaranteed by the GSE. While the .......

    News Round-up 17 May 2016

  • Euro secondary slumbers again

    Yesterday saw another sleepy start to the week for the European securitisation secondary market.

    After a flurry of activity on Friday, the public holiday in Europe yesterday saw the whole market revert to the quieter pattern seen at the start of last week. Indeed, with many investors absent a CLO equity BWIC was postponed until Wednesday and flows across the .......

    SCIWire 17 May 2016

  • Delinquencies inch up

    US CMBS delinquencies last month rose to 2.92% from 2.90% a month earlier, according to Fitch, marking the first increase in its index for the sector since June 2015. The dollar balance of late-pays increased by US$118m to US$11.05bn from US$10.93bn in March, while new delinquencies of US$494m exceeded resolutions of US$353m. Fitch-rated new issuance volume of US$6.8bn in March .......

    News Round-up 16 May 2016

  • Euro defaults, delinquencies drop

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe decreased to 8.1% from 10.3% at end-April. Overall, the senior loan delinquency rate decreased to 43.7% from 45.3% last month.

    The delinquency rate for continental European senior loans decreased to 56.9% from 58.4%. The rate for UK loans decreased to 19.0% from 20.3%.

    .......

    News Round-up 13 May 2016
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