CMBS

  • Drug store deal CMBS impact weighed

    Walgreens Boots Alliance is set to acquire Rite Aid for US$17.2bn, in a move which will impact almost US$10bn of CMBS conduit loans. There is slightly more 'high risk' exposure in legacy CMBS than in 2.0 deals.

    Morgan Stanley analysts note that there are an estimated 12,674 Walgreens and Rite Aid stores across the US, with 3,248 of these located .......

    News 30 October 2015

  • Law firm expands in California

    Baker Botts is opening an office in San Francisco. It will be the firm's second office in California and it is expected to work closely with the team already established in Palo Alto.

    Patricia Stanton, chair of the firm's real estate practice, will move from its Dallas office to take the role of partner-in-charge in San Francisco. The firm expects to grow .......

    Job Swaps 30 October 2015

  • APAC ratings 'stable'

    Fitch affirmed a total of 133 APAC structured finance tranches in 3Q15. No ratings were upgraded, downgraded or withdrawn during the quarter.

    Of the affirmed tranches, 53 were prime and non-conforming RMBS bonds backed by Australian or New Zealand properties, while 47 were CMBS backed by Japanese properties and 14 were ABS backed by loans in New Zealand. The remaining affirmations include: .......

    News Round-up 30 October 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes, though tone continues to improve overall and some sectors are getting ever-more active.

    UK non-conforming continues to lead the way with healthy activity on- and off-BWIC yesterday. Flows are strong in both directions, so spreads for now remain broadly unchanged.

    The pick-up in peripherals is continuing with trades going through .......

    SCIWire 30 October 2015

  • RFC on triple-net lease approach

    S&P is requesting comments on its proposed methodology for rating North American single-tenant real estate triple-net lease-backed securitisations. The proposed criteria would apply to all new and outstanding triple-net lease securitisations backed by commercial properties in North America.

    S&P explains that a triple-net lease is a lease agreement between a lessor and a lessee where the lessee is generally responsible .......

    News Round-up 29 October 2015

  • CMBS loan repeat use to grow

    Over US$17bn of loans from prior securitisations has returned to US CMBS in the form of acquisition and refinance loans so far in 2015. Repeat borrowers are running at around 36% of total 2015 conduit issuance, although the figure is expected to grow over the next two years.

    Deutsche Bank analysts cross-checked prior securitisation lists against various market sources to ensure .......

    News 29 October 2015

  • Euro secondary stays slow

    The European securitisation secondary market saw another slow session yesterday, but tone continues to slowly improve.

    Activity remains patchy across secondary markets but most sectors are now seeing a buying bias. Consequently, spreads are broadly flat to slightly tighter over the past day or so.

    Primary activity is continuing to distract participants, but secondary supply continues to tick over. For .......

    SCIWire 29 October 2015

  • Euro secondary pauses

    The nascent revival in the European securitisation secondary market has come to a halt once again.

    "The last few days have been a bit better in line with global markets and the impact of Draghi's comments was finally trickling through to ABS," says one trader. "However, yesterday broader markets took a pause and that immediately fed through to us and .......

    SCIWire 28 October 2015

  • Concerns rise for recent CMBS

    October remittance indicates that US$2.3bn of US CMBS 2.0 loans were newly watchlisted, including a concerning number of recent-vintage loans. The 2015 vintage accounted for almost US$200m of these watchlistings, which is the highest amount yet for the new vintage.

    The 2014 vintage contributed the highest watchlistings total at US$726m, although the 2011 vintage was not far behind at US$720m. .......

    News 27 October 2015

  • Underwriting duo poached

    Kirk Meyers and Randy Newman have joined Wells Fargo's securitisation underwriting team. Both are working on ABS and MBS transactions, arriving from Hilltop Holdings.

    Meyers has held a number of senior roles where he has worked in ABS, including at Southwest Securities and Banc of America Securities. Newman's previous roles have included a number of positions at Bank of America .......

    Job Swaps 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • SF head restored

    William Moretti has been appointed md and head of MetLife's structured finance group for the second time. His role includes monitoring ABS/CMBS structures, opening new asset classes for investment and acquiring/selling public and private securities across all ABS sub-sectors, CMBS and CLOs.

    Moretti most recently led a team of technical derivatives specialists/quantitative analysts after his first stint as structured finance .......

    Job Swaps 26 October 2015

  • Watch positive for StuyTown CMBS

    The anticipated pay-off of the Stuyvesant Town/Peter Cooper Village loan (SCI 21 October) has prompted Fitch to place 12 bonds in four CMBS on rating watch positive. The rating agency has also revised its outlook for one class of notes.

    The positive watch placements are due to the potential sale of the loan for US$5.3bn, which is likely to result .......

    News Round-up 26 October 2015

  • Largest ACIS yet inked

    Freddie Mac has obtained its largest insurance policy to date under its ACIS programme. The transaction transfers much of the remaining credit risk associated with STACR 2015-DNA2.

    The policy transfers up to US$502.6m of losses on a pool of single-family loans acquired from August to November 2014. It brings Freddie Mac's total insurance coverage up to US$1.5bn this year through .......

    News Round-up 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • CMBS credit quality slip continues

    The credit quality of US conduit/fusion CMBS loans continued to decline in 3Q15, Moody's reports. Conduit loan leverage topped the pre-crisis peak of 117.5% for a second time during the period.

    Conduit loan leverage as measured by Moody's LTV (MLTV) rose to 118.2% in 3Q15, up from 117.8% in 2Q15. The weakening credit has also highlighted the disparity in the .......

    News Round-up 23 October 2015

  • Nuveen targets Europe

    Nuveen Investments has teamed up with TIAA-CREF Asset Management to provide three new UCITS funds to non-US investors. This includes the TIAA US Bond ESG strategy, which invests in a broad range of publicly traded investment grade bonds and fixed income securities, including MBS and ABS.

    The fund's investment options also include US Treasuries, corporate bonds and taxable US municipal .......

    Job Swaps 23 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015

  • Euro secondary still strong

    The European securitisation secondary market is continuing to see a strong BWIC calendar and market tone, but little overall price movement as liquidity remains thin.

    Despite the continuing positive tone and yesterday's BWICs trading well, secondary spreads are broadly unchanged. Away from lists flows remain light with peripherals notably quiet ahead of today's ECB meeting.

    The UK non-conforming space continues .......

    SCIWire 22 October 2015

  • Surprise StuyTown deal agreed

    The Stuyvesant Town/Peter Cooper Village apartment complex has been sold for US$5.3bn, despite an appraisal as recently as September of US$3.5bn. The timing of the deal also comes as a surprise, with CMBS payoffs possible as soon as the November remittance.

    The complex has been bought by Blackstone and Ivanhoe Cambridge. Barclays analysts had not been alone in expecting a .......

    News 21 October 2015

  • Ty Warner defeasance expected

    The pending defeasance of the Ty Warner Hotel portfolio in MSC 2012-C4 has prompted Kroll Bond Rating Agency to place its ratings on the class B and C certificates to watch upgrade. The portfolio is the second largest loan in the transaction, comprising 9.1% of the pool.

    KeyBank, the master servicer, anticipates full defeasance of the loan on 30 October. The loan's .......

    News Round-up 21 October 2015
×