CMBS

  • 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

  • Rating correlations analysed

    S&P has published four reports illustrating how ratings on European ABS, CMBS, RMBS and structured credit transactions may change over time. The agency's analysis includes sensitivity of ratings to underlying analytical assumptions, as well as a discussion of how various market developments that move parameters built into the rating analysis may influence credit ratings.

    S&P notes that its European structured finance .......

    News Round-up 7 August 2015

  • RFC on CMBS rating enhancements

    Moody's is requesting comments on three proposed enhancements to its approach to rating multi-borrower large loan and single-asset/single-borrower (LL/SASB) CMBS transactions. One enhancement would help align Moody's collateral assessments with historical performance and would apply to LL/SASB transactions in North America, while another would refine the adjustments that the agency makes to these collateral assessments.

    For transactions in Latin America .......

    News Round-up 7 August 2015

  • ABS lawyers promoted

    Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean for structured finance and securitisation. Burgess' experience includes ABS and MBS, with an emphasis on prime and sub-prime automobile loan and lease, dealer floorplan receivable and equipment lease securitisations and warehouses. Macbean's practice encompasses structured energy and commodity-related transactions, market-value CLOs and structured derivatives transactions.

    .......

    Job Swaps 7 August 2015

  • CRE momentum pushes on

    US CRE continued its positive momentum in 2Q15 due mainly to the strengthening US economy, according to Moody's. Though GDP growth will be constrained by the strong dollar, the agency notes that the economy is on solid ground and interest rate increases are likely to be slower than in previous monetary tightening cycles.

    Moody's base expected loss for conduit/fusion CMBS transactions .......

    News Round-up 7 August 2015

  • Euro secondary on the up

    Yesterday was another positive day in European secondary, though today looks to be quiet.

    Secondary activity improved again yesterday with higher levels of end-user involvement than in recent days. Nevertheless, volumes remain fairly light and patchy.

    In line with recent patterns prime assets led the way, but there were also pockets of activity in CLOs, CMBS, Italian ABS/MBS and UK .......

    SCIWire 7 August 2015

  • Paying up for quality

    Sourcing seasoned US CMBS triple-B minus bonds remains challenging, but Deutsche Bank CRE debt research analysts suggest that 2014 vintage paper is worth a closer look, given its spread pick-up to the 2013 vintage and only modest pay-up versus the weaker 2015 deals. Indeed, trading activity in better quality 2014 deals seems to have picked up recently.

    The Deutsche Bank .......

    News 6 August 2015

  • Euro secondary improves

    Levels are improving in the European securitisation secondary market, but activity remains patchy and limited.

    "The market has generally got better in terms of spreads over the past couple of days," says one trader. "However, flows remain very thin - there's not a lot going on by way of BWICs, primary has slowed and the client side is very quiet, .......

    SCIWire 6 August 2015

  • Euro secondary keeps it light

    With light flows and a light BWIC calendar summer is taking its toll on the European securitisation secondary market.

    "With primary active last week and now that we're into August there's very little going on in secondary," says one trader. "The BWIC calendar is pretty light as well."

    Overall, the trader describes secondary spreads as mixed with light flows ensuring .......

    SCIWire 5 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • Ruling requires servicer replacement rethink

    A recent UK legal ruling contradicts what had appeared to be an established precedent for European CMBS special servicer replacements. The ruling for DECO 15 - Pan Europe 6 will now add to the considerations that trustees, issuers and special servicers must make when a special servicer is being replaced.

    Last year's landmark judgement in US Bank v Titan Europe .......

    News 4 August 2015

  • CMBS delinquencies resume drop

    The Trepp US CMBS delinquency rate resumed its descent in July after a brief time-out in June, inching down 3bp to stand at 5.42%. Over the last 27 months, the delinquency rate has fallen 23 times and is currently 62bp lower than the year-ago level and 33bp lower year-to-date.

    In July, US$1.4bn in loans became newly delinquent, which put 27bp of upward pressure .......

    News Round-up 4 August 2015

  • Geographic distress highlighted

    New research from 1st Service Solutions indicates that while much of the recovery in the US commercial real estate market is real, the CMBS maturity market remains on "shaky ground". From a geographic perspective, the Las Vegas, Phoenix and Chicago markets in particular are showing signs of severe distress for CMBS borrowers.

    GlobeSt.com figures illustrate this distress, in connection with .......

    News Round-up 4 August 2015

  • Gap closures compared

    Gap recently released a list of 20 stores slated to close on 26 July, as part of its plans to shutter 175 of its North America specialty stores over the next few years (SCI 17 June). A Morgan Stanley analysis identifies 16 loans totalling US$1.66bn of CMBS exposure across 15 deals to 12 of the stores on the list.

    Of .......

    News Round-up 4 August 2015

  • MBS trading vet hired

    Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsible for a number of Semper's mortgage-centric funds, which focus on MBS.

    Prior to joining Semper, Cooper was md at Treesdale. He has also traded MBS and ABS for a number of firms, including Deutsche Bank.

    He brings with him the Treesdale Rising Rates Strategy Fund .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015

  • CMBS 1.0 expected losses fall

    Fitch says that US CMBS expected losses for peak vintages have fallen since its last report in February. In the six months since then, expected losses for 43 transactions fell, 17 rose and nine stayed about the same.

    Expected losses have fallen due to recently resolved specially serviced loans with losses near or below Fitch's expectations. In addition, the pace of new transfers .......

    News Round-up 3 August 2015

  • Euro secondary stays strong

    European securitisation secondary market spreads are holding on to recent stronger levels amid low volumes.

    As anticipated, flows were very light across the board on Friday, which left spreads for the most part unchanged. However, the day's previously mentioned CLO BWIC did trade well.

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

    .......

    SCIWire 3 August 2015

  • CMBS loan losses drop

    Trepp reports that monthly US CMBS loan losses fell 28% month-over-month to US$679.84m in July, despite several 100% losses. The July total was low in comparison to the totals hovering near US$1bn over the prior three months, which was due in part to smaller average loan sizes.

    In total, 72 loans were disposed of with losses in July, down just .......

    News Round-up 31 July 2015

  • Euro secondary dries up

    Yesterday saw another very quiet day in the European securitisation secondary market and today looks to be little different as liquidity appears to have dried up into month-end and potentially the rest of the summer.

    Even flows in prime assets faded away yesterday as ABS/MBS was becalmed across the board. CLOs too saw only a handful of trades, but the .......

    SCIWire 31 July 2015

  • Euro secondary slows again

    The European securitisation secondary market has slowed down again.

    "We had a relatively busy start to the week, but yesterday was a bit slower and today looks to be the same," says one trader. "It's typical for high summer except we're still in July!"

    The trader continues: "We're once again mainly seeing activity round prime assets - particularly autos and .......

    SCIWire 30 July 2015
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