CMBS

  • BlackRock wins vendor role

    The US NAIC has selected BlackRock Solutions as sole vendor to conduct financial modelling for the next three years for both RMBS and CMBS. The association had previously issued two separate RFPs, seeking firms to model CMBS and RMBS respectively (SCI 12 February).

    The NAIC has used BlackRock Solutions to perform financial modelling of CMBS since 2010, but had previously .......

    Job Swaps 18 August 2015

  • 'High severities' for distressed CMBS

    The volume of distressed US CMBS loans up for auction in August and September is down slightly from previous months. Barclays figures show the deals with the largest exposures are BACM 2006-5 and LBUBS 2007-C6.

    BACM 2006-5 has the greatest exposure, which comes from a single US$62.5m loan. The loan is for Temecula Town Center in California and has been .......

    News 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • CMBS maturities looming

    Approximately 35% of Fitch's performing US CMBS loan universe will mature through the end of 2017. Included is US$10.8bn that is scheduled to mature by end-2015, with US$52bn scheduled in 2016 and US$67bn scheduled in 2017.

    Through the end of July, approximately US$20bn of loans with scheduled maturities in 2015 have been repaid. Additionally, approximately US$1.3bn and US$6bn of loans .......

    News Round-up 17 August 2015

  • Real estate lender acquired

    Jones Lang LaSalle is set to acquire Oak Grove Capital. The purchase includes Oak Grove's full service platform, encompassing debt financing for multifamily and seniors housing real estate, as well as its CMBS, life and specialty finance companies.

    The acquisition will enable JLL to expand its housing and healthcare financing expertise, as well as complement its multifamily sales and equity services. The .......

    Job Swaps 14 August 2015

  • Euro secondary stays calm

    The European securitisation secondary market continues to stay calm in terms of both activity and price volatility.

    Summer illiquidity along with broader market volatility, albeit reduced, kept most market participants on the sidelines again yesterday. Activity continued in pockets with autos and a handful of CLOs being the main signs of life, though spreads overall remained unmoved.

    Nevertheless, with wider .......

    SCIWire 14 August 2015

  • 'Slotting' disparity highlighted

    CREFC Europe has submitted a response highlighting two primary concerns over the EBA's draft regulatory technical standards on assigning risk weights to specialised lending exposures. The association notes that the consultation is especially relevant to UK banks, which account for the majority of affected exposures in the EU, since the UK regulator required them to use 'slotting' for their real .......

    News Round-up 13 August 2015

  • CMBS pay-offs jump up

    Trepp says that the percentage of US CMBS loans paying off on their balloon date jumped impressively last month. The July reading is 74.5%, more than 14 points above the June rate, and well above the 12-month moving average of 65.9%.

    By loan count as opposed to balance, 72.9% of loans paid off in July. On this basis, the pay-off rate .......

    News Round-up 13 August 2015

  • Euro secondary stays insulated

    The European securitisation secondary market remains quiet despite broader market volatility.

    "It's still pretty slow," says one trader. "We've remained insulated from the China news, but it's August so the market is illiquid."

    The latest THRONES deal remains the chief talking point. "Price talk on the new deal is weak and while that should have a knock-on impact in secondary .......

    SCIWire 13 August 2015

  • Greater supply, risks widen spreads

    New issue spreads for RMBS and CMBS deals are widening on either side of the Atlantic as supply remains higher than demand. It appears to be a trend that will last beyond the usual summer slump.

    "There is a very large pipeline of expected deals, but a shortage of investors lining up for them," says one European ABS trader. .......

    News 12 August 2015

  • US CMBS stutters

    The US non-agency CMBS market has stuttered on the back of broader market volatility.

    After a smooth and fairly active start to the week secondary CMBS activity and pricing levels have dipped since yesterday's open. Spreads edged wider throughout yesterday as a result of concerns over China and commodity prices. Further overnight broad market volatility has seen dealers re-rack their .......

    SCIWire 12 August 2015

  • Ty Warner EOD waived

    A settlement agreement has been reached with Ty Warner, sponsor of the US$96.4m Ty Warner Portfolio loan securitised in MSC 2012-C4, whereby the lender will waive the EOD and allow a partial defeasance of the Las Ventanas property to proceed. The loan defaulted in May after Warner failed to disclose at loan origination his potential tax liability associated with a .......

    News Round-up 12 August 2015

  • Liquidations allow GG5 repayments

    All outstanding cumulative interest shortfalls for GCCFC 2005-GG5's AJ to E tranches have been repaid in full, following the liquidation of six loans totalling US$108m. However, the H tranche and vast majority of the G tranche have been written off.

    The six loans were listed for auction earlier in the year and sale prices exceeded latest appraisals for all six. .......

    News 12 August 2015

  • Finance group partner appointed

    Alston & Bird has bolstered its financial expertise again with the addition of Gregg Loubier as partner in the firm's finance group, based in Los Angeles. He joins from Allen Matkins Leck Gamble Mallory & Natsis, where he was partner and chair of the real estate finance practice group.

    Loubier's expertise encompasses commercial lending, portfolio and CMBS finance, construction lending, loan participation, .......

    Job Swaps 12 August 2015

  • Euro secondary limps on

    Despite broader market volatility the European securitisation secondary market continues to limp along on very thin volumes.

    "There's not a great deal happening with only a few BWICs and a couple of OWICs due all this week," says one trader. "We're fully into summer and the weaker macro picture isn't helping."

    So far, the European ABS/MBS market has been insulated .......

    SCIWire 12 August 2015

  • CRE financing firm launched

    A new mortgage financing firm has been established with the brief of placing debt and equity for a variety of real estate. Wool Finance Partners will also look to structure forward-funding loans, participating mortgages and mezzanine financing, and will accommodate lenders that include those involved in CMBS.

    Gary Wool, Martin Siegal and Matt Lebenson have established the firm as partners. Wool .......

    Job Swaps 11 August 2015

  • CRE counsel recruited

    Bert Greenwell has joined Alston & Bird as counsel in its real estate finance and investment group. His practice focuses on the representation of institutional lenders for both securitisations and portfolios in all aspects of CRE transactions.

    Greenwell has also represented investors in the acquisition, development, operation and disposition of commercial real estate. He moves from Kelley Drye & Warren, .......

    Job Swaps 11 August 2015

  • Hotel prices lift up

    Hotel prices have risen 37% over the past 12 months, outpacing the central business district (CBD) office segment by more than 10 percentage points over the same timeframe, according to Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. The CPPI rose 1% in June, led by a 1.3% rise in the core commercial segment.

    Moody's says that hotel prices .......

    News Round-up 11 August 2015

  • Euro secondary winds down

    The European securitisation secondary markets continue to wind down as seasonal factors hold sway.

    "We're really in summer mode now with not a lot of flows," says one trader. "Activity is down to a minimum with little BWIC supply and no major credit news to stimulate trading."

    One piece of relevant news did however come from the similarly quiet primary .......

    SCIWire 11 August 2015

  • Delinquencies 'nearly unchanged'

    US CMBS delinquencies were nearly unchanged in July amid low resolution and new delinquency volume, according to Fitch's latest index results for the sector. Loan delinquencies moved just 1bp lower in July to 4.53% from 4.54% a month earlier, while the dollar balance of late-pays fell by US$70m to US$17.1bn from US$17.17bn in June.

    July resolution and delinquency activity was .......

    News Round-up 10 August 2015

  • Euro secondary limited

    Activity in the European securitisation secondary market remains limited as seasonal illiquidity prevails.

    Nevertheless, Autos alongside Dutch and UK prime continue to see some signs of life. At the same time, there is selective demand for Italian, Portuguese and Spanish paper.

    Today, currently sees one BWIC on the schedule - at 14:30 London time there is a single €700k line .......

    SCIWire 10 August 2015
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