CMBS

  • Euro secondary sees slow progress

    The European securitisation secondary market continues to see improvement, but progress is still slow.

    "Activity has picked up over the last few days," says one trader. "But we're definitely in summer mode now - it's not improving as quickly as we'd hoped."

    Nevertheless, the trader adds: "In Dutch and UK prime two way flows keep strengthening and spreads are grinding tighter. .......

    SCIWire 22 July 2015

  • REIT ceo replaced

    Kevin Keyes has been appointed ceo of Annaly Capital Management, while retaining the title of president. Annaly co-founder, chairman and current ceo Wellington Denahan will remain chairman of the board and will also serve as executive chairman, focusing on strategic and capital allocation decisions. Keyes will officially replace Denahan in September.

    .......

    Job Swaps 21 July 2015

  • CMBS delinquencies dip

    The European CMBS 12-month-rolling loan maturity default rate increased slightly to 25% from 24.6%, according to S&P. However, the delinquency rate for continental European senior loans decreased to 63.1% from 64%, with the rate for UK loans decreasing to 20.6% from 21.4%.

    Overall, the senior loan delinquency rate decreased to 49.8% from 50.5%. The total number of delinquent loans decreased .......

    News Round-up 21 July 2015

  • Euro ABS/MBS coming back to life

    The European ABS/MBS secondary market is slowly coming back to life.

    Yesterday saw a continuation of the recent increasingly positive sentiment across most European ABS/MBS deal types and jurisdictions. Consequently secondary spreads remained robust aside from UK non-conforming RMBS, which is still experiencing some softness thanks to primary activity. At the same time, buying interest continues to increase from recent .......

    SCIWire 21 July 2015

  • Euro secondary stays positive

    European securitisation secondary markets are remaining positive, although activity is still limited.

    Sentiment continues to improve across the board, but volumes remain light. Prime ABS/MBS and 1.0 CLO paper saw increased two-way flows on Friday, but peripherals, particularly Portuguese and Spanish names, are still lagging albeit in a tightening trend.

    The resurgent primary market is also having an impact - .......

    SCIWire 20 July 2015

  • Conduit leverage bumps up

    The credit quality of US conduit/fusion CMBS continues to deteriorate, according to Moody's. As measured by the agency's LTV ratio, conduit loan leverage in 2Q15 pushed past its 2007 peak, rising to 117.8% - above the pre-crisis high of 117.5%.

    In contrast, underwritten LTVs have remained substantially unchanged for the last six quarters at about 66%. Moody's says that underwritten .......

    News Round-up 17 July 2015

  • Real estate vet poached

    Rick White has rejoined Bryan Cave as a partner in the real estate capital markets team. His practice focuses on structured finance and servicing matters relating to CMBS and RMBS.

    White represents lenders, primary servicers, master servicers and special servicers in all aspects of mortgage-backed loan servicing. He also represents loan originators and issuers in securitisation matters, as well as hedge .......

    Job Swaps 17 July 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday was another solid day with spreads holding form to edging tighter across the board. Buying interest off- and on-BWIC continues to increase, while auction activity is also growing.

    Yesterday's lists saw mixed results with most line items going through at or around talk, but a handful of mezz autos failed to .......

    SCIWire 17 July 2015

  • Euro ABS/MBS continues to pick up

    The European ABS/MBS secondary market is continuing to pick up.

    "Tone continues to improve now we've finally got some stability and clarity in broader markets," says one trader. "However, while there is more activity we're not seeing lots of volume, though that could also be to do with the time of year and people heading off on vacation."

    Peripherals in .......

    SCIWire 16 July 2015

  • Bulk liquidation completed

    July remittances indicate that US$109.85m across 14 loans securitised in MLCFC 2007-7 has been disposed of at a 61% severity in a bulk liquidation. Four of the loans had previously been bid for auction in May.

    Barclays CMBS analysts note that the disposals generally came in below appraisal, with recoveries of US$63.98m versus updated appraisals totalling US$67.22m. The US$6.4m 4220 .......

    News Round-up 15 July 2015

  • Euro secondary improves

    After a long period in the doldrums things look to be improving for the European securitisation secondary market.

    "Overall tone was much better yesterday," says one trader. "Notably, we saw good activity in both UK and Dutch prime, so there's more liquidity there and prices are marginally better."

    The trader continues: "Peripherals too are improving with sentiment generally much better, .......

    SCIWire 15 July 2015

  • CMBS delinquencies climbing

    US CMBS delinquencies climbed slightly last month led by two large newly delinquent loans, according to Fitch's latest index results for the sector. Loan delinquencies rose 6bp in June to 4.54% from 4.48% a month earlier, while the dollar balance of late-pays increased by US$65m to US$17.17bn from US$17.1bn in May.

    The rise was driven by new delinquencies of US$876m .......

    News Round-up 14 July 2015

  • CMBS auction listings dip

    The latest update of CMBS auction listings includes 40 properties from 36 CMBS loans with an allocated balance totalling US$179m, according to Barclays Capital analysts. Barcap figures reveal that the volume is somewhat lower than it was in 1H15, and the average property balance is also smaller than in past months with only three properties having an allocated balance over US$10m.

    GCCFC .......

    News Round-up 14 July 2015

  • Green Oak receives hope note mod

    July remittance indicates that the US$62m Green Oak Village Place retail plaza in Brighton, Michigan, received a large hope note modification. The retail centre loan securitised in BACM 2007-5 had re-defaulted in December 2012 after receiving an earlier modification in 2009 that resulted in a partial pay-down, and the most recent appraisal of the property in March 2014 had placed it .......

    News Round-up 14 July 2015

  • 15-year Freddie K debuts

    Freddie Mac issued its first 15-year K programme CMBS last week under the ticker FREMF 2015-K1501, reports Wells Fargo. The 14.5-year WAL LCF A3 tranche priced 2bp tighter than the original price talk, in contrast to the week-over-week spread widening for most structured products.

    Freddie Mac guarantees the payment of principal and interest on FREMF 2015-K1501 A3, even though the .......

    News Round-up 14 July 2015

  • Mortgage REIT diversity dawns

    Kroll Bond Rating Agency says there are signs that some traditional agency mortgage REITs are diversifying towards CRE securities. The agency says residential mortgage REITs could be faced with either increasing leverage or diversifying due to rising funding costs and margin compression.

    Strong investor demand has allowed mortgage REITs to significantly grow portfolios by issuing over US$50bn in equity and US$7.8bn in senior .......

    News Round-up 10 July 2015

  • CMBS certificates removed

    Morningstar has made an amendment from its June 17 pre-sale report on the capital structure of Citigroup Commercial Mortgage Trust 2015-GC31. Based on an update to the offering circular the class X-B certificates have been removed from the transaction in the agency's post-sale report. No other key changes have been made.

    .......

    News Round-up 9 July 2015

  • BBC-linked deals 'manageable'

    The announcement from the UK government's summer budget that the BBC will have to meet the £650m cost of free TV licences for over-75s could impact the three securitisations linked to the broadcaster but remain manageable, according to Barclays Capital securitisation analysts. The transactions are: Juturna, White City and Pacific Quay.

    As a partial mitigant, the BBC is expected to be allowed .......

    News Round-up 9 July 2015

  • Taurus safeguard proceedings open

    An event of default (EOD) has led Moody's to downgrade the ratings of two classes in Taurus CMBS (Pan-Europe) 2007-1. The EOD resulted after a non-payment of interest in May on the most senior class of notes, as well as an increase in Moody's loss expectation driven by the underperformance of the pool's largest loan, Fishman JEC.

    However, due to .......

    News Round-up 8 July 2015

  • Sterne Agee loses two

    Michael Krull has joined Seer Capital Management as md and portfolio manager. He arrives from Sterne Agee, where he focused on CMBS trading as md. Krull has also held previous senior positions at StormHarbour, Hypo Real Estate Bank and GE Real Estate.

    David Jacob has also left his position as md at Sterne Agee, moving to Prudential Financial as a pricing and structuring team .......

    Job Swaps 7 July 2015

  • Euro secondary holds up

    European securitisation secondary market spreads are holding up as the wait for the Greek referendum continues to keep most participants sidelined.

    Flows remained light yesterday and are expected to stay the same today especially given the US public holiday. Prime assets again saw the most activity though it was still very patchy and market sentiment has slightly improved in peripherals .......

    SCIWire 3 July 2015
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