CMBS

  • 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

  • SB offering innovates again

    Freddie Mac has priced its largest small balance loan offering to date and the first to include collateral from multiple lenders. The GSE will provide approximately US$400m in SB9 Certificates, which are anticipated to settle on 22 December.

    Freddie is guaranteeing four classes of senior notes issued by FRESB 2015-SB9 Mortgage Trust and is acting as mortgage loan seller and master .......

    News Round-up 10 December 2015

  • Japanese credit outlook 'strong'

    The credit quality and performance of Japanese ABS, RMBS and CMBS should remain strong in 2016, says Moody's. A supportive job market will be key in underpinning high credit quality.

    The credit quality of collateral in new consumer-related Japanese ABS - such as auto loan, instalment sales and credit card ABS - will remain strong next year, reflecting supportive labour market conditions, .......

    News Round-up 10 December 2015

  • US outlook stable with caveats

    The outlook for US structured finance is stable to positive overall next year, says Fitch. However, the rating agency notes that certain subsectors bear watching for signs of trouble.

    Over 87% of Fitch's rating outlooks remain either stable or positive heading into 2016 as collateral quality remains excellent, with solid performance metrics and robust structural protections. "That said, it is .......

    News Round-up 10 December 2015

  • Euro secondary mixed

    It's turning into a typically quiet December across most of the European securitisation secondary market, but there is some healthy activity in a couple of sectors.

    "The secondary market is still holding up quite well despite broader credit concerns," says one trader. "Flows in general are very quiet, but we are continuing to see strong activity in some sectors via BWICs."

    SCIWire 10 December 2015

  • CPPI continues upwards trend

    The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 0.4% in October, extending its streak of double-digit annualised gains to 33 months. Central business district (CBD) continues to be the best performing segment.

    "The price recovery has been under way for more than five years, but is getting long in the tooth," says Moody's CRE research .......

    News Round-up 9 December 2015

  • CMBS liquidations nudge up

    Total US CMBS loan dispositions rose slightly in November, but still came in below the US$1bn mark, notes Trepp. Average loan size declined from US$16.1m in October to US$13.1m in November.

    There were 72 loans - totalling US$941.9m - liquidated with a loss in November. Of these, five - totalling US$59.6m - were hit with losses greater than 100%, while .......

    News Round-up 9 December 2015

  • Euro ABS/MBS stable

    The European ABS/MBS secondary market remains stable amid wider market volatility.

    "Overall our market is generally OK," says one trader. "ABS/MBS is still well insulated from the weakness in broader markets."

    The trader continues: "We're continuing to see a strong bid for UK non-conforming and buy-to-let. Meanwhile, the rest of the market appears to be well supported and spreads are .......

    SCIWire 9 December 2015

  • Space for rent

    Multi-borrower SFR segment set for growth

    Of the 26 single-family rental securitisations issued since the market's inception - totalling US$14bn - only three have been multi-borrower deals. However, a significant shift in issuance is underway.

    Invitation Homes 2013-SFR1 was the first-ever SFR deal, debuting two years ago (SCI 1 November 2013). One consequence of the strides the sector has made since then is that the established .......

    News Analysis 9 December 2015

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date fell modestly last month to 76%, less than a point below the October number and above the 12-month moving average of 68.1%, according to Trepp. By loan count as opposed to balance, 77.1% of loans paid off in November.

    On this basis, the pay-off rate was above October's .......

    News Round-up 8 December 2015

  • StuyTown gets FNMA funding

    Fannie Mae is set to provide a US$2.7bn loan to help finance the acquisition of Stuyvesant Town/Peter Cooper Village after a recent surprise agreement was reached to sell the property (SCI 21 October). The financing of the sale will come through an affiliate of Blackstone securing the loan from Wells Fargo Multifamily Capital - a Fannie Mae-delegated underwriting and servicing (DUS) lender. The loan will be a 10-year, low-levered commitment.

    Fannie .......

    News Round-up 8 December 2015

  • Final 2015 CMBS auctions announced

    The volume of US CMBS loans out for auction has decreased slightly this month, to US$190m. The deals with the highest exposure are BACM 2006-2, BACM 2006-5 and MLMT 2006-C1.

    BACM 2006-2 has US$93m from five properties and one note due for auction. Of the US$190m, Barclays analysts note that the bidding process has already been completed for US$53m, although .......

    News 8 December 2015

  • GSE vet moves on

    Jay Kirsch has joined Greystone as md, focusing on production of small balance loans across the Freddie Mac and Fannie Mae platforms. He reports to Rick Wolf, senior md and head of production for Greystone's small loan operations.

    Kirsch arrives from Freddie Mac's multifamily group, where he most recently served as asset management and operations client relationship manager for the .......

    Job Swaps 8 December 2015

  • Euro secondary slows

    Yesterday saw a fairly slow session across the European securitisation secondary market, but it could yet pick-up again before year-end.

    "Yesterday was quiet, but it's too early to be thinking of year-end just yet," says one trader. "The areas of activity there were still bode well for the remainder of this week and hopefully next."

    The main focus yesterday was .......

    SCIWire 8 December 2015

  • Loan drops increasing

    In a sample of 28 US CMBS it rates for the 12-month period ending 30 June, Fitch observed approximately 1,000 loans that were dropped between the initial data tape and final tape, representing approximately 30% of the final transaction amount. While it is not unusual for a pool to change from initial proposal to final pool cut, the agency notes .......

    News Round-up 7 December 2015

  • Euro secondary unmoved

    Despite initial post-ECB softening on Friday across broader markets, the European securitisation secondary market remains unmoved.

    Liquidity remains thin across securitisation secondary and that in part helped to ensure spreads closed Friday unchanged. Nevertheless, tone remains positive and pockets of buying activity continue to be seen.

    Where those pockets appear prices are even edging slightly up. Once again, prime assets .......

    SCIWire 7 December 2015

  • US CMBS credit profile 'to decline'

    The overall credit profile of conduit and fusion US CMBS will decline to match those of deals issued from mid-2006 to early 2007, says Moody's. Leverage as measured by Moody's LTV (MLTV) already tops pre-crisis peak levels, but DSCRs remain high - albeit rising interest rates in 2016 and beyond could reduce that cushion.

    "With commercial property prices exceeding pre-crisis peaks .......

    News Round-up 4 December 2015

  • CMBS losses inch down

    The weighted average loss severity for all US CMBS loans liquidated at a loss decreased from 42.1% in 2Q15 to 42% in 3Q15, says Moody's. Excluding loans with losses of less than 2%, the weighted average loss severity was unchanged.

    "Historical losses for all post-2000 vintages increased during 3Q15, while total cumulative losses rose 4bp from the prior quarter, to .......

    News Round-up 4 December 2015

  • Euro secondary holds up

    The European securitisation secondary market is holding up amid weakness in broader credit following the ECB press conference yesterday.

    Secondary spreads saw little ECB impact yesterday - with the changes to the ABSPP already factored in, most sectors closed the day unchanged. Flows were patchy and name specific with prime RMBS and autos once more at the forefront, while peripherals .......

    SCIWire 4 December 2015

  • Euro secondary keeps busy

    The upswing in activity in the European securitisation secondary market is continuing.

    Yesterday saw a pick-up in trading across the board both on- and off-BWIC. Notably, prime assets returned to form and a strong buying bias, in Dutch RMBS in particular, saw spreads in both ABS and MBS generally tighten.

    Meanwhile, Portuguese paper continued to outperform in peripherals and ended the day slightly .......

    SCIWire 3 December 2015
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