CMBS

  • Finalised FRTB 'still punitive'

    The Basel Committee has released the final version of its fundamental review of the trading book (FRTB). While the final ruling remains punitive for securitisation, it is not as harsh as earlier drafts suggested it might be.

    The final version has lower capital requirements than earlier versions recommended. However, the proposed requirements are still higher than the current SSFA standard.

    News 15 January 2016

  • Unique features boost SFR deal

    Home Partners of America's (HPA) unique tenant-driven property acquisition and rent-to-own business strategy will benefit the performance of its first single-family rental (SFR) securitisation, Home Partners of America 2016-1, says Moody's. HPA 2016-1 hit the market on 12 January.

    HPA acquired the properties backing the transaction based on requests from prospective homeowners who desired to rent the properties with eventual .......

    News Round-up 15 January 2016

  • EMEA default rate stable

    The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated universe decreased slightly to 10% from 10.5% at end-December 2015. Overall, the senior loan delinquency rate decreased to 47.7% from 48%.

    The delinquency rate for continental European senior loans decreased slightly to 60.2% from 60.3%. The rate for UK loans remained stable at 20%.

    .......

    News Round-up 15 January 2016

  • StuyTown pay-offs emerge

    MLCFC 2007-5 has become one of the first CMBS to report distributions from the pay-off of the US$3bn Stuyvesant Town/Peter Cooper Village loan, resulting in the largest liquidation in the market's history with no loss (SCI passim). However, Barclays CMBS analysts note that the remittance report fails to answer key questions about excess proceeds and the amount paid for a .......

    News 15 January 2016

  • Euro secondary steady

    The European securitisation secondary market continues to see steady activity and pricing levels are for the most part stable.

    Once again, yesterday's activity was driven primarily by BWICs and flows off the back of those auctions. The main interest surrounded autos following the Renault raid with a few sellers emerging after the news broke, but by the close buying interest had .......

    SCIWire 15 January 2016

  • Distressed resolutions gather pace

    January US CMBS remittance reports show that several larger loans from CWCapital's bulk liquidations have been resolved. JPMCC 2006-CB17, MLMT 2006-C1 and CD 2007-CD4 have so far been the main beneficiaries of the auctions, with the disposal of US$395m, US$231m and US$934m respectively across 60 loans.

    The sales came in at slightly below appraisal, with net proceeds of about US$944bn .......

    News 15 January 2016

  • AXA IM boosts SF team

    AXA Investment Mangers has appointed The Duy Nguyen as senior portfolio manager. He will be based in Paris and report to co-head of securitised and structured assets Alexandre Martin-Min.

    Nguyen will be responsible for managing multi-asset class portfolios within AXA IM's structured finance team. He was most recently at Natixis and has also worked at Société Générale.

    .......

    Job Swaps 14 January 2016

  • Online lender taps CRE pro

    RealtyMogul.com has brought in Michelle Paretti as senior md, head of originations and underwriting. She joins following roles as senior md for the small balance CRE finance group at Guggenheim Partners and coo for Guggenheim CRE finance group.

    Paretti has also previously been coo of illiquid alternative investments at Credit Suisse. In addition, she served as head of Credit Suisse's .......

    Job Swaps 14 January 2016

  • Euro secondary unchanged

    The European securitisation secondary market looks to be keeping to the same pattern seen in previous sessions - quiet away from a reasonably active BWIC calendar.

    "This week flows have been relatively quiet because of the very high volatility in broader credit," says one trader. "Today is looking like it will be no different."

    There have, however, been some pockets .......

    SCIWire 14 January 2016

  • Euro ABS/MBS active

    It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to be the same.

    Yesterday's activity was led by BWIC activity, where the majority of line items traded well. Prints were notably strong on the Spanish names in for the bid.

    Volumes built off the back of BWIC supply and thanks to .......

    SCIWire 13 January 2016

  • CMBS unit moves to sole ownership

    Walker & Dunlop is to take full ownership of Walker & Dunlop Commercial Property Funding (WDCPF), its CMBS lending platform. Bob Restrick will join WDCPF as ceo.

    Restrick has 25 years of experience in CMBS, having most recently served as md at Annaly Capital Management. WDCPF was formerly a joint venture between Walker & Dunlop and a fund managed by .......

    Job Swaps 12 January 2016

  • Real estate firm adds CMBS vet

    Greystone has appointed Gregory Forester as md to lead its newly-formed hospitality-focused lending and investing practice. His initial focus will be on CMBS fixed- and floating-rate financing.

    Forester has more than 28 years of experience in debt transactions originated for balance sheet, CMBS and loan syndication executions and was most recently commercial leader and md for GE Capital Real Estate's .......

    Job Swaps 12 January 2016

  • European property platform boosted

    HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in London.

    Emmett was most recently an investment partner in Cheyne Capital's real estate division. He has also worked at firms such as ICG Longbow and was head of the European mezzanine debt investments team for Goldman Sachs' special situations group .......

    Job Swaps 12 January 2016

  • Ground lease protections revisited

    Moody's says that prudent ground lease lenders include two key provisions in mortgage loan documentation - a robust new lease clause and terms ensuring the superiority of the ground lease to fee mortgages. The agency notes that although the vast majority of ground leases contain such provisions, many do not have fully credit-neutral versions of these lender protections.

    Unlike a .......

    News Round-up 12 January 2016

  • Euro secondary seeks change

    The European securitisation secondary market is still stable and fairly quiet, but that could change quickly.

    "The market remains stable as it has been for the last week despite broader market volatility," says one trader. "Not a lot went on yesterday even though the wider market was calm."

    However, the trader continues: "Secondary market tone feels constructive and while wider volatility means .......

    SCIWire 12 January 2016

  • CBRE Dutch team bolstered

    CBRE had hired Aart Visser as associate director in its Netherlands debt and structured finance team. He joins from Berlin Hyp, where he was commercial manager in real estate finance, responsible for sourcing and structuring CRE loans in a range between €20m and €200m.

    .......

    Job Swaps 11 January 2016

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • Hotels drive delinquency improvement

    US CMBS delinquencies finished 2015 down by 17% by balance from year-end 2014, according to Fitch's latest index results for the sector. The overall delinquency rate stood at 4.02% for the year, lower by 14bp from the previous month and by 60bp from a year ago. This is the lowest level seen since October 2009.

    CMBS delinquencies finished 2015 at .......

    News Round-up 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • CMLT 2008-LS1 liquidations progress

    Based on its monthly review of the CMLT 2008-LS1 CMBS, KBRA notes that four REO assets underlying the transaction were up for bid in online auctions in December, three of which sold and one failed to trade. A total of 28 assets securing the transaction have now been auctioned since September.

    These assets include 26 REO properties and two specially .......

    News Round-up 8 January 2016
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