CMBS

  • WINDM VII case dismissed

    Justice Snowden last week handed down judgment of the English High Court in the Windermere VII Part 8 proceedings case. The plaintiffs' arguments have been dismissed.

    Under the dispute, the WINDM VII class X noteholders and a holder of the class B notes commenced proceedings in November seeking a number of declarations as to the proper construction of the transaction .......

    News Round-up 11 April 2016

  • CRE fund closes

    Venn Partners has secured £185m of institutional investment for the second close of its CRE debt fund. Venn Commercial Real Estate Fund I targets direct lending opportunities in the UK and Western European CRE market, focusing on value-add loans in the mid-market.

    Within a close-ended structure, loans will be offered at up to 75% LTV and will include maturities for .......

    News Round-up 11 April 2016

  • CMBS 2.0 delinquencies inch up

    While the overall US CMBS delinquency rate remained relatively unchanged in March, CMBS 2.0 delinquencies saw a modest up-tick, according to Fitch's latest index results for the sector.

    Loan delinquencies last month fell by 1bp to 2.90% from 2.91% a month earlier. Fitch-rated new issuance volume of US$6.9bn in February (across seven transactions) exceeded the portfolio run-off of US$5.1bn, causing .......

    News Round-up 11 April 2016

  • Mortgage REITs merge

    Annaly Capital Management is set to acquire Hatteras Financial Corp for a consideration to be paid in cash and shares of Annaly common stock, which values Hatteras at US$15.85 per share of its common stock based upon the closing price of Annaly common stock on 8 April. The value of the consideration represents a premium of approximately 24% to the .......

    Job Swaps 11 April 2016

  • Data tool expands to CMBS

    Actovia is branching out its data coverage to encompass the US CMBS market through a new tool. The tool will provide names and contact details for properties with CMBS mortgages, which can be sourced at both a national or regional level.

    The company says the platform has been launched in light of the sector's incoming maturity wave (SCI passim) and .......

    News Round-up 8 April 2016

  • Special forces

    ABS dealer tiering emerging via departures, specialisation

    Credit Suisse's recent decision to exit securitised trading in Europe highlights the reshaping of the ABS frontier that is underway across the region. Against the backdrop of regulatory pressures and capital constraints, many dealers are adopting a narrower, more specialised approach.

    In its announcement, Credit Suisse said the reason for ceasing its European ABS trading operations is due to a .......

    News Analysis 8 April 2016

  • Capital markets unit adds DCM director

    Macquarie Capital has appointed Warrick Booth as md in its European debt capital markets team. He will be based in London and report to Sam Newman, head of European DCM, and Stephen Mehos, head of US DCM.

    Booth will lead the syndication of debt and structured equity. He has over two decades of experience in investment banking and has held .......

    Job Swaps 7 April 2016

  • Brexit set to dampen CRE

    The UK's impending referendum on whether to remain in or exit the EU could dampen prospects for the jurisdiction's real estate sector, says S&P. The agency notes that while the long-term impact would depend on how the exit is negotiated, uncertainty could add to capital market volatility and create negative sentiment for real estate investment.

    "Uncertainty leading up to the .......

    News Round-up 7 April 2016

  • CMBS pay-offs jump

    The percentage of US CMBS loans that paid off on their balloon date jumped last month to 75.3%, nearly 10 points higher than the February level, according to Trepp. The March tally is well above the 12-month moving average of 69.3%.

    By loan count as opposed to balance, 66.5% of loans paid off last month. On this basis, the pay-off .......

    News Round-up 7 April 2016

  • Euro secondary patchy

    There is something of a pick-up in the European securitisation secondary market but activity remains patchy.

    "It's getting more active, but we're not yet back to where we were before Easter," says one trader. "Trading is still selective rather than widespread."

    The trader continues: "We've seen a few trades in UK prime, which went wider last week but has come .......

    SCIWire 7 April 2016

  • Euro secondary starts slowly

    The quarter has begun slowly in the European securitisation secondary market.

    "It's been a slow start to the week so far," says one trader. "Tone has remained positive despite the weaker macro backdrop, but clients remain on the sidelines with many still assessing the implications of the Granite Towd deal and the potential lack of future Warwick supply."

    The trader .......

    SCIWire 6 April 2016

  • STS alarm bells ring

    A list of potential pitfalls in the European Commission's STS framework has been published in a letter by 32 signatories, including some of the EU's largest banks. The signatories argue that the STS framework would not, in its current form, provide the solution for the securitisation market that it is intended to.

    The joint-letter seeks to address 10 key points .......

    News 5 April 2016

  • CMBS default drop to stop

    US CMBS loan defaults fell again in 2015 but the trend is likely to stop this year, according to Fitch. Term defaults are expected to tick up slightly in 2016 after dropping for a fifth straight year in the sector.

    Fitch says the end of the streak will come as the current credit cycle matures. Defaults peaked at 4.1% in 2010, which .......

    News Round-up 5 April 2016

  • Delinquencies inch up

    The US CMBS delinquency rate stood at 4.22% in March, an increase of 7bp from February, according to Trepp. The rate is 136bp lower than the year-ago level.

    CMBS loans that were previously delinquent but paid off with a loss or at par totalled over US$700m last month. Removing these previously distressed assets from the numerator of the delinquency calculation .......

    News Round-up 4 April 2016

  • CMBS lender beefs up

    Mitch Resnick is set to join Walker & Dunlop Commercial Property Funding, Walker & Dunlop's CMBS lending platform, as md in late April. He will oversee WDCPF capital markets executions, with responsibility for pricing, hedging, securitisations and investor relations.

    Resnick will be based in the firm's Bethesda, Maryland headquarters. He has extensive commercial real estate financing experience, having previously served .......

    Job Swaps 1 April 2016

  • Liquidations down, severities up

    Trepp reports that 36 US CMBS loans totalling US$435.9m were liquidated in March, down from US$567m in February. Rising from US$13.2m in February, average loan size came in at US$12.1m last month.

    The three largest loans that paid off in March all experienced 100% losses, two of which were backed by properties in the St Louis MSA. Comprising 35% of .......

    News Round-up 1 April 2016

  • Rating agency adds sales chief

    Scope Ratings has appointed Sven Janssen to the newly-created role of chief sales and marketing officer, effective from today (1 April). He was previously head of debt capital markets at Oddo Seydler Bank and has also worked at Macquarie, Bank Metzler, Bank Sal Oppenheim and Hawkpoint Partners.

    .......

    Job Swaps 1 April 2016

  • CMBS 2.0 delinquencies spike

    US$152m of US CMBS 2.0 collateral across 17 loans became newly delinquent in March, including six loans secured by properties located in oil boom regions, marking the largest one-month increase in delinquencies since November 2012. A total of 59 loans with a balance of US$586m were delinquent at the end of last month, resulting in a delinquency rate of 25bp, .......

    News 1 April 2016

  • Euro secondary stifled

    Sentiment continues to be strong across the European securitisation market but technicals are stifling activity.

    Buying interest remained apparent throughout ABS/MBS yesterday with the exception of UK RMBS, which is seeing some investors hold back over Brexit uncertainty. However, flows overall were still light and there were significant DNTs on BWIC as the gap in buyer and seller expectations for .......

    SCIWire 31 March 2016

  • Auction success for CGCMT 2007-C6

    Six REO CMBS assets with a combined unpaid balance of US$55.4m, accounting for 2% of the CGCMT 2007-C6 pool, were put up for bid in online auctions last week. Kroll Bond Rating Agency research shows that all of the properties were in escrow as of 24 March, indicating that they were sold.

    The agency anticipates that the assets will be .......

    News Round-up 30 March 2016

  • REO holds foretell CMBS losses

    Longer REO asset hold times could signal higher US CMBS losses, says Fitch. The average length of time REO assets spent in special servicing increased 10% last year, while REO ageing increased 16%.

    A review of CMBS special servicers' REO asset inventory reveals the average time REO assets spent in special servicing increased to 42 months as of year-end 2015, .......

    News Round-up 30 March 2016
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