CMBS

  • CMBS 'haves' and 'have-nots' highlighted

    The planned conversion of the Westside Pavilion property in Los Angeles - securitised in WFCM 2012-LC5 - is one recent example of a mall borrower resolving a troubled CMBS loan creatively (see SCI’s CMBS loan events database). Morningstar Credit Ratings highlights the move in new research illustrating that the majority of 2012 vintage mall loans should remain stable, .......

    News 4 April 2018

  • Market moves - 29 March

    Europe

    Man Group has hired Simon Finch as cio of credit at Man GLG, its discretionary investment management engine. In this newly created role, Finch will be responsible for Man GLG’s credit business and will have oversight of the credit portfolio management teams. He will report to Teun Johnston, ceo of Man GLG, and work closely with Man GLG’s cio, .......

    Market Moves 29 March 2018

  • Euro ABS/MBS busy

    European ABS/MBS secondary market activity has picked up this week.

    “It’s been a busy week this week after a quiet week last week,” says one trader. “Overall, March has been busy and month-on-month secondary spreads are a little wider, but not by much.”

    The trader continues: “Everything is trading well, mainly at good levels with a generally .......

    SCIWire 29 March 2018

  • Market moves - 23 March

    CDS clearing developments
    Intercontinental Exchange has transitioned index CDS open interest from CME Group to ICE Clear Credit, follows CME Group’s decision to exit the CDS business and transfer client positions to an alternative clearing house. ICE Clear Europe has also launched clearing for North American investment grade and high yield index CDS instruments, thereby providing regional customers the ability .......

    News 23 March 2018

  • Increase in liquidity 'hard to measure'

    Liquidity in structured products is difficult to quantify, and perhaps even to define. Whichever way it is measured, traders agree that it has increased and predict that over the course of 2018 spreads are going to continue their long tightening trend.

    Liquidity is commonly identified by the presence of associated phenomena. Two-way markets made by dealers are considered to be .......

    News Analysis 22 March 2018

  • Finnish CMBS debuts RFN feature

    Finnish real estate firm Sponda – which was acquired by Blackstone in June 2017 – is in the market with an innovative CMBS. The €540.87m securitisation includes a new structural feature in the form of reserve fund notes (RFNs), which finance the note share portion of the liquidity reserve.

    The transaction securitises a single €590.9m loan jointly advanced .......

    News 22 March 2018

  • Market moves - 16 March

    EMEA

    Citigroup has appointed Laura Coady to the newly created position of head of EMEA, structured finance syndicate desk and she will continue to report locally to EMEA co-heads of global structured finance and securitisation Peter Keller and Bob Liao, and report globally to Vikram Prasad, global head of credit syndicate desk, taking responsibility for distributing all products from the .......

    Market Moves 16 March 2018

  • Issuers urge goodwill on STS

    European securitisation issuers are modelling new transactions and updating legacy deals, across a range of asset classes, to be STS compliant. However, there is agreement that an overly punitive regulatory environment could harm the chances of the framework’s success, with some issuers backing the implementation of a transition period.

    Steve Gandy, md at Santander Global Corporate Banking, commented at a .......

    News Analysis 15 March 2018

  • Market moves - 9 March

    North America
    Anthony Orso has joined NKF Capital Markets as president of capital markets strategies. Orso will support the integration of Berkeley Point Capital with ARA, two companies recently acquired by NKF Capital Markets, an affiliate of the Newmark Group. He will work closely with Jeff Day, ceo of Berkeley Point Capital and Blake Okland, vice chairman and head of US multifamily. .......

    Market Moves 9 March 2018

  • CRE CRTs pick up

    Synthetic securitisations referencing commercial real estate are attracting more investor interest, following the issuance of three transactions at the end of last year (see SCI’s capital relief trades database). Representing the first post-crisis synthetic CRE deals, issuance is being driven by high risk weights for specialised lending and investor step-in rights.

    The three CRE capital relief trades .......

    News Analysis 9 March 2018

  • Predicted Euro CMBS pickup awaited

    There has been plenty of speculation that European CRE is in the late-cycle stage, and retail exposure has also prompted concerns. With last month's ECB announcement that CMBS is no longer repo eligible, a weak reception for the latest deal, and the increasing use of untranched bonds, the market's future is uncertain.

    The success of Taurus 2017-2 UK at the .......

    News Analysis 8 March 2018

  • Landmark sukuk could be first of many

    The inaugural UK sharia-compliant RMBS recently closed, marking the start of a new asset class in the jurisdiction. Al Rayan Bank's £250m Tolkien Funding Sukuk No.1 (SCI 29 January) signals a high point for the growth and acceptance of Islamic finance in the UK and could be the first of many such securitisations, across a range of assets.

    Moody's .......

    News Analysis 2 March 2018

  • Market moves - 2 March

    North America

    Cowen and Company has named Philip Cushman as head of global institutional sales which includes managing both the institutional equity and credit sales teams and Burton Welly has been named head of special situations and distressed credit trading, Cowen and Company, increasing his responsibilities to include all distressed credit trading initiatives. Prior to joining Cowen, Cushman served as md and .......

    Market Moves 2 March 2018

  • Euro secondary slows

    January's optimism has faded throughout February as activity across the European securitisation secondary market has slowed.

    "There's not a great deal going on with a combination of factors such as a busy primary, holidays, Vegas and some bad weather keeping things pretty quiet," says one trader. "However, we have seen a couple of bid lists recently, which appear to have .......

    SCIWire 1 March 2018

  • LCR amendments could be STS 'game-changer'

    The European Commission's recent draft regulation on the LCR does not ensure STS securitisations are eligible as level 2A assets. Along with other factors, this could result in securitisation remaining a less attractive option compared to other financial instruments.

    Ian Bell, director of the PCS, commented on the draft regulation as part of the consultation. He suggests that "leaving this .......

    News 28 February 2018

  • Market moves - 23 February

    North America

    David Sykes has rejoined Chapman and Cutler as a partner, expanding the firm's San Francisco office and asset securitisation department. Prior to rejoining, he was most recently at Renew Financial where he served as general counsel.

    Onex has appointed Tate Abols to its investor relations and fund development team as md. Abols was most recently a principal on .......

    Market Moves 23 February 2018

  • Market moves - 16 February

    EMEA

    Fulcrum Asset Management has recruited Mark Horne as a director within the newly created Fulcrum Alternative Strategies team, reporting to partner Matthew Roberts. Horne previously worked as an independent asset management consultant in London and Paris. Prior to that, he was a senior credit manager researcher at Willis Towers Watson and was director of client services at Natixis Global .......

    Market Moves 16 February 2018

  • French ABS to benefit from new regime

    The creation of a new SPV regime in France (SCI 11 October 2017) will boost the country's ABS sector by simplifying the existing investment framework and streamlining the origination of loans and structuring of transactions. It is also hoped that the new vehicle will enable France to compete with other jurisdictions in attracting foreign capital for a range of .......

    News Analysis 14 February 2018

  • CRE CLOs quick off the line

    Two more firms have launched inaugural CRE CLOs, with a US$480.4m transaction from Argentic Silverpeak and a US$510.2m transaction from Bridge Investment Group. The transactions are further examples of a surge in CRE CLO issuance since the start of 2018, indicating a trend of investment firms favouring the CLO structure over traditional CMBS, particularly due to the flexibility the structure .......

    News 12 February 2018

  • Key CMBS pillars hold steady

    New US CMBS transactions are generally seeing signs of improving credit quality. This challenges recent rating agency criticisms that there has been a fall in the quality of the underlying loans.

    Moody's recently stated that there has been an erosion of key pillars of loan structural quality, particularly in single-borrower CMBS deals. Tracy Chen, portfolio manager and head of structured .......

    News Analysis 7 February 2018

  • Blackstone preps Italian CMBS

    Blackstone is tapping the market with a €403.81m Italian CMBS. The transaction, dubbed Pietra Nera Uno, is a securitisation of three senior commercial real estate loans and two pari passu-ranking capex facilities advanced to three Italian borrowers.

    The borrowers are Moma Fund (a regulated Italian real estate fund and the borrower under the Fashion District loan), Multi Veste Italy (the borrower under .......

    News 5 February 2018
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