CMBS

  • Class A share added to fund

    Semper Capital Management has added a class A share to its Semper MBS Total Return Fund. Class A shares are retail shares that are charged a front-end sales load of up to 2%.

    The shares are charged a 0.25% Rule 12b-1 distribution and servicing fee, but do not have a contingent deferred sales charge. However, redemptions within 18 months of purchase of .......

    News Round-up 22 December 2015

  • RMBS, CLO fraud admitted

    A former co-head of US ABS, RMBS and CMBS trading at RBS Securities has waived his right to indictment and pleaded guilty to participating in a multimillion dollar securities fraud scheme. Adam Siegel admitted that he and colleagues conspired to increase RBS's profits on CLO and RMBS trades at the expense of customers.

    Siegel held the role at RBS from .......

    Job Swaps 22 December 2015

  • Conduit NOI trends assessed

    While US commercial property prices have now topped pre-crisis peak levels, NOI for collateral backing CMBS conduit loans has not yet fully recovered, notes Moody's. An analysis of NOI trends shows collateral NOI is up 9% from its 2004 baseline level, but 2% down from its pre-crisis peak.

    The rating agency analysed year-over-year changes in property financials between 2004 and .......

    News Round-up 21 December 2015

  • CMBS defaults edge up

    The 12-month rolling maturity default rate for European CMBS increased slightly in November to 10.5% from the previous month, according to S&P's latest index results for the sector. The delinquency rate for continental European senior loans decreased to 60.3% from 61.3%, while the rate for UK loans remained stable at 20%. Meanwhile, the overall delinquency rate for senior loans decreased to 48% from 49%.
     

    .......

    News Round-up 21 December 2015

  • Italian regs boost ABS

    The Bank of Italy's regulatory framework enacted in 2015 for financial intermediaries carrying out servicing activities is credit positive for all Italian structured finance deals, says Moody's. Certain types of consumer ABS deals - Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) - will benefit the most.

    Moody's notes that organisational and risk-control requirements for servicers will become stricter .......

    News Round-up 18 December 2015

  • Euro secondary stalls

    Activity in the European securitisation secondary market has stalled.

    Year-end illiquidity was fully in evidence yesterday with an extremely slow day across the board and secondary spreads closed unchanged. Italian and Dutch paper did garner some interest, but saw negligible trading.

    There is currently one BWIC on today's European schedule - a single €1.9m line of QUADF 2011-1 A1 due .......

    SCIWire 18 December 2015

  • Bloomberg to buy BRAIS

    Bloomberg has agreed to acquire the Barclays Risk Analytics and Index Solutions (BRAIS) business from the bank for approximately £520m. This includes Barclays' indices on securitised products, covering US MBS and CMBS, pan-European floating and fixed rate ABS, and US and European covered bonds.

    The transaction includes the sale of intellectual property in relation to the POINT portfolio analytics tool. Barclays .......

    Job Swaps 17 December 2015

  • Euro secondary chugs along

    Despite wider credit market volatility the European securitisation secondary market is still maintaining its course.

    "We've kept going - there have been a few BWICs, but none of the volatility of broader markets," says one trader. "Flows have been light, but we're still chugging along."

    Overall, the trader adds: "Tone remains constructive and technicals are helping the market. We've got .......

    SCIWire 17 December 2015

  • Euro secondary split

    Activity and price direction in the European securitisation secondary market is currently split in two key sectors.

    "In common with broader credit, overall volumes are low and liquidity is very thin," says one trader. "It's a result of both the time of year and the volatility in global markets."

    However, within securitisation secondary it continues to be a story of .......

    SCIWire 16 December 2015

  • Market supports benchmark change

    A majority of US ABS and CMBS market participants would support switching the pricing benchmark from the swaps curve to US Treasuries, according to a JPMorgan survey. Of the respondents, 61% favour a switch, while 28% advocate sticking with swaps.

    The survey was fairly representative of the ABS investor base, with money managers accounting for 47% of respondents (compared to .......

    News 15 December 2015

  • Right to sue

    Macfarlanes partner Lois Horne and solicitor Alexa Segal exa...

    The Court of Appeal has overturned a decision at first instance that a valuer, Colliers, was liable for a negligent valuation of a commercial property that was collateral for a securitised loan while Quelle - the then biggest mail order company in Germany - was the tenant. In doing so, the Court of Appeal has made comments that an SPV .......

    Talking Point 15 December 2015

  • Euro CRE rates vulnerability 'increasing'

    Continued yield compression is expected next year in the European commercial property market, which should also see declining debt yields. That has been the case in 2015, increasing borrowers' vulnerability to future interest rate increases.

    Yields in prime UK commercial properties are expected to stabilise. Prime yields are already below 2007 peak levels in some European markets, which increases the .......

    News Round-up 15 December 2015

  • Euro secondary hangs on

    European securitisation secondary spreads are mostly hanging on despite increasing broader market volatility but there are some signs of softening.

    In the end, a handful of BWICs emerged yesterday and provided the main focus. However, the highlight, a double-B CLO list, for the most part did not trade. The covers released indicated spread widening in the sector, though the trend .......

    SCIWire 15 December 2015

  • CRE pro moves on

    Linda Gorbenko has joined Arbor Commercial Mortgage as director. In this role, she is responsible for originating commercial financing across the firm's loan product offering, including FHA, Fannie Mae, Freddie Mac, CMBS, bridge, mezzanine and preferred equity.

    Prior to her move, she was an executive director at CIBC, where she originated short- and long-term, fixed and floating rate CMBS. She .......

    Job Swaps 14 December 2015

  • LatAm outlook 'mixed'

    Fitch's outlook for Latin American structured finance in 2016 is mixed across sectors. Stable and positive rating outlooks for the region have dropped to 81% from 90% last year.

    The agency says that consumer ABS continues to be a better performing asset class, as adequate levels of credit enhancement and structural features continue to protect against deteriorating macro conditions. Delinquencies are expected to .......

    News Round-up 14 December 2015

  • SF practice strengthened

    DLA Piper continues to build its financial markets practice with the appointments of Vincent Keaveny, formerly head of structured capital markets and a partner at Baker & McKenzie, and Mark Dwyer, formerly a partner at Slaughter and May. The firm has made other significant hires across Europe this year including Okko Behrends, who joined the team in Germany from Latham .......

    Job Swaps 14 December 2015

  • Mixed-use leads CMBS resolutions

    US CMBS loan delinquencies fell by 21bp in November to 4.16% from 4.37% a month earlier, according to Fitch's latest index results for the sector. The dollar balance of late-pays fell by US$696m to US$15.7bn from US$16.4bn in October.

    November resolutions of US$1bn were nearly triple the amount of new delinquencies of US$325m. In addition, Fitch-rated new issuance volume of .......

    News Round-up 14 December 2015

  • Euro secondary stays slow

    It was, as anticipated, another quiet day in the European securitisation secondary market on Friday and today looks likely to be little different.

    Year-end liquidity thinning continues to hold sway across all sectors. However, market tone remains positive despite broader credit weakness and secondary spreads are generally holding up.

    There are currently no BWICs on the European schedule for today.

    .......

    SCIWire 14 December 2015

  • Real estate lender bulks up

    John Maute and Jon Barlow have been appointed to Money360's board of directors. The pair were the sole founders of the company's recent US$2.5m series A funding round and are expected to aid plans to expand Money360's infrastructure and further its national expansion.

    Maute has over 30 years' experience in real estate and was managing director at Situs Holdings (formerly .......

    Job Swaps 11 December 2015

  • Euro secondary slowdown

    The end of year slowdown in the European securitisation secondary market looks to be increasing.

    Flows were generally light again yesterday as year-end liquidity thinning becomes increasingly evident. Consequently, spreads moved very little. CLO BWICs once again dominated the day with most bonds trading flat to slightly lower than recent prints.

    Then at 14:30 is an eight line 47.25m mixed .......

    SCIWire 11 December 2015

  • Remits ramp up

    November saw a spike in US CMBS 2.0 remittance activity. Highlights include foreclosure of an 'oil boom' loan and a couple of maturity extensions.

    Twelve loans totalling US$128.89m became newly delinquent last month, including three 2015 vintage loans (with two from JPMBB 2015-C3), according to Morgan Stanley. Additionally, two loans were classified as non-performing matured - the US$24m Woodlands Square .......

    News 10 December 2015
×