CMBS

  • Annaly beefs up

    Annaly Capital Management has promoted five senior officers, added three to its management team and expanded its operating committee.

    The promotions include the appointment of David Finkelstein as cio, agency and RMBS. He is also a member of Annaly's operating committee.

    Timothy Coffey has been promoted to chief credit officer, overseeing the expanded risk management team for Annaly's three investment .......

    Job Swaps 8 January 2016

  • Underwriting tool offered

    CrediFi Corp has launched what it describes as an end-to-end CMBS solution that provides valuable insights into deals and their performance. Dubbed CrediFi CMBS Suite, the tool is designed to help lenders discover more lending opportunities across CMBS and non-securitised loans.

    The CMBS Suite platform provides users with property details, comparables and built-in mapping technology, enabling more informed and fluid .......

    News Round-up 7 January 2016

  • DCM duo drafted in

    Cantor Fitzgerald has appointed Kevin Reynolds and Timothy Swift to lead its debt capital markets origination team. The pair join from Cowen and Company.

    Reynolds joins as md and will be responsible for bringing new issue debt products and developing a distribution-driven banking and financing practice for corporate issuers. He was head of capital markets origination at Cowen and has .......

    Job Swaps 7 January 2016

  • Distressed debt vet enlisted

    Cerberus Capital Management has appointed David Abrams as senior md of Cerberus UK Advisors. He will be based in London and focus on unique and compelling distressed opportunities in emerging markets, Europe and other sectors of interest.

    Abrams was most recently at Apollo Management, where he was the managing partner of the Apollo European Principal Finance Funds franchise. He has .......

    Job Swaps 7 January 2016

  • EM credit team spins off

    Argentem Creek Partners has completed a management buyout from Black River Asset Management. Argentem Creek is staffed by Black River's former emerging markets credit investment team and will focus on serving institutional investors.

    The new entity is employee-owned and led by ceo and cio Daniel Chapman, president and coo Charles Friedberg and global head of business development Angela Samfilippo Gorder. .......

    Job Swaps 7 January 2016

  • Macy's exposure gauged

    Macy's has announced 36 new store closures as part of a cost-reduction plan. Morgan Stanley CMBS strategists identify 10 loans totalling US$501m across 11 CMBS that have exposure to the closures.

    The largest loan by allocated balance with exposure is the US$79.3m Valley Mall, securitised in JPMCC 2006-LDP6. Four of the loans with exposure - totalling US$142m - are securitised .......

    News Round-up 7 January 2016

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016

  • Sukuk market to shrink

    The global sukuk market will remain below peak levels in 2016, says S&P, as the market's historic largest issuer has ceased issuing. Total annual issuance is expected to be US$50bn-US$55bn.

    Issuance in 2015 was US$63.5bn, which was down sharply from the US$116.4bn issued in 2014. The decrease can largely be attributed to the central bank of Malaysia - Bank Negara .......

    News Round-up 6 January 2016

  • US CMBS loss severities examined

    While a US CMBS special servicer's expertise may be the main factor in determining the recovery on a defaulted loan, other factors also contribute to the ultimate loss severity. S&P has identified the three fundamental factors as the originator and size of their origination portfolio, the time spent with the special servicer after a loan default and the geographical location .......

    News Round-up 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • North Dakota loans eyed

    Morningstar Credit Ratings is monitoring nearly US$340m of CMBS exposure to the oil-drilling hubs of North Dakota, where drillers have been scaling back in the wake of plunging oil prices. Over the past 24 months, the agency has placed 13 loans - totalling nearly US$125m of this exposure - on its watchlist.

    The loans - originated in 2013 and 2014 .......

    News 5 January 2016

  • CMBS 2.0 remits reviewed

    The balance of delinquent and specially serviced US CMBS 2.0 loans more than doubled year-over-year, while paid-off loans quadrupled, according to Morgan Stanley figures. Over 40% of 2010- to 2014-vintage loans reported 2014 year-end NOIs less than underwritten, although DSCRs remain high.

    The number of delinquent 2.0 loans rose to 35 in December 2015, compared to 17 the year prior, .......

    News 5 January 2016

  • Survey foresees good year for CRE

    Conditions in the US commercial real estate market are expected to remain favourable in 2016, suggests a CREFC survey. Responses to the survey identify ample credit and capital available to meet borrower demand for new loans and refinancings.

    Incrementally rising interest rates are not seen as a significant concern. Rising rates will result in slightly higher borrowing costs, with capitalisation .......

    News Round-up 5 January 2016

  • CMBS delinquencies inch up

    The Trepp US CMBS delinquency rate increased by 4bp to 5.17% in December, following three straight months of improvement. However, the rate remains 58bp lower than last year's final level of 5.75%.

    Over US$1.6bn in loans became newly delinquent last month, which put 32bp of upward pressure on the delinquency rate. About US$450m in loans were cured last month, which .......

    News Round-up 5 January 2016

  • Euro secondary eases in

    The European securitisation secondary market is easing in to the New Year despite broader market volatility.

    The first trading day of 2016 saw thin liquidity but strong market tone as securitisation asset classes remained insulated from the weakening in wider credit yesterday. Secondary spreads held up across the board as levels echoed those seen at the end of December and there .......

    SCIWire 5 January 2016

  • ED hires for growth

    The European DataWarehouse (ED) has appointed Christian Thun as coo and deputy ceo, effective from the start of this year. He takes responsibility for key operational areas such as data management, customer account management and research.

    Thun previously spent 14 years at Moody's Analytics while he has also worked at Baetge & Partner and was also involved in structured finance .......

    Job Swaps 4 January 2016

  • Rating agencies making progress

    The US SEC has issued its two annual staff reports on credit rating agencies registered as nationally recognised statistical rating organisations (NRSROs). The reports show the NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

    The SEC says that its reports show that all NRSROs have enhanced their understanding of their obligations as regulated entities and .......

    News Round-up 4 January 2016

  • SF lawyer appointed in London

    Lisa Cargill has joined the structured transactions team at Morgan Lewis. She brings extensive structured finance experience across numerous jurisdictions and asset classes.

    Cargill will be based in London but will also partner with the firm's US team to help clients there with their European business dealings. She was previously at Sidley Austin.

    .......

    Job Swaps 4 January 2016

  • Concentration risk for Japanese CMBS

    The prepayment rates of underlying loans backing Japanese apartment loan CMBS remain high, which could lead to concentration risk in the loan pools, says Fitch. However, strong credit enhancement should act to mitigate this risk.

    The rating agency believes that the high prepayment rates are driven by refinancing. The outstanding balance of bank loans extended to individuals who manage rental-housing .......

    News Round-up 4 January 2016

  • 'No hope' for hope notes

    Despite the recovery in many US CMBS subsectors, Fitch continues to expect no recoveries from hope notes. This is because their structures do not provide sufficient incentive for borrowers to repay.

    The usage of hope notes peaked in 2011, with dispositions taking approximately 3.5 years from special servicing transfer to ultimate disposition. Loans totalling US$3.5bn were modified into hope notes .......

    News Round-up 4 January 2016

  • CMBX rule updates expected

    The Markit CMBX.9 index is expected to launch on 25 January 2016. Similar to the previous CMBX series (SCI 16 December 2014), CMBX.9 will likely include some modifications to the index rules to accommodate new trends seen in conduit deals in 2015.

    Morgan Stanley CMBS strategists highlight three notable CMBX index rule amendments for CMBX.9, the outcomes of which depend .......

    News Round-up 23 December 2015
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