CMBS

  • CBL-linked liquidation highlighted

    One of LBUBS 2006-C6's more storied assets, the Chapel Hill Mall (accounting for 5.7% of the pool), has been sold after being REO for nearly two years. The liquidation is the first of several anticipated dispositions linked to sponsor CBL & Associates Properties, including several specially-serviced loans in LBUBS 2006-C6, according to KBRA.

    Kohan Retail Investment Group reportedly acquired the .......

    News Round-up 21 July 2016

  • Ralph Lauren exposure gauged

    Ralph Lauren last month announced plans to restructure, including the closure of about 50 of its retail locations. The firm has not yet disclosed which stores will be affected, but Morningstar Credit Ratings has identified 30 US CMBS loans - with an allocated balance of US$1.44bn - with exposure to Ralph Lauren brands.

    The firm's retail space totals more than 20% .......

    News 21 July 2016

  • Euro secondary firm

    Spreads across the European securitisation secondary market are remaining firm.

    Wider market positivity is feeding in to European ABS/MBS and generating improving market sentiment. While activity remains sporadic with volumes varying significantly from session to session spreads are flat to slightly tighter across the board this week so far.

    In CLOs, limited supply is continuing to support spreads across the .......

    SCIWire 21 July 2016

  • US CMBS supply surges

    The US CMBS market came to life last week, as a high volume of bid-list paper made the rounds. Activity is expected to remain healthy this week.

    "BWIC volume came close to US$4bn last week for investment grade paper alone, with another US$1.5bn or so of below-investment grade paper. Typically we have been seeing around US$2.5bn of investment grade per .......

    SCIWire 19 July 2016

  • CRE CDO switches jurisdiction

    All membership interests in the DivCore CLO 2013-1 CRE CDO, together with the issuer's ordinary and preferred shares are set to be transferred from DivCore Sub Debt Club I REIT Holding to a newly established entity, LoanCore Capital Credit REIT (LCC REIT). Moody's notes that the move will not cause it to downgrade or withdraw its ratings on the notes.

    News Round-up 18 July 2016

  • CMBS defaults move up

    S&P's 12-month European CMBS loan maturity default rate moved up to 7.3% from 7% at the end of June. This coincides with a drop in the delinquency rate for continental European senior loans to 58.4% from 58.7%, while the rate for UK loans remained at 19.6% to end last month. On an overall basis, the senior loan delinquency rate decreased .......

    News Round-up 14 July 2016

  • Euro secondary stays light

    Flows in the European securitisation secondary market continue to be light though sentiment remains positive.

    "It's been pretty quiet in general with little end-user activity and BWICs few and far between," says one trader. "However, everyone for choice is still a better buyer and looking for assets."

    The trader continues: "As with wider credit the tone across ABS/MBS is strong. .......

    SCIWire 14 July 2016

  • Progress 2014-SFR1 to prepay

    Progress Residential plans to prepay the US$465.9m loan that serves as collateral for the Progress 2014-SFR1 securitisation, with the deal becoming the first single-asset single-family rental transaction to pay off in full as a result. The prepayment will be funded by a portion of the proceeds from the US$462.7m Progress 2016-SFR1 transaction that is currently marketing.

    Progress 2014-SFR1 is collateralised .......

    News Round-up 12 July 2016

  • CMBS balloon pay-offs plummet

    The percentage of US CMBS loans that paid off on their balloon date slid sharply in June, according to figures from Trepp. The rate slid more than seven points from its May level, to 60.7%, which is the lowest reading since December.

    The 12-month moving average stands at 68.6%. The 12-month rolling average by loan count is now 69.1%, after 67.9% .......

    News Round-up 12 July 2016

  • Euro secondary strengthens

    Supported by the wider market rally the European securitisation secondary market is strengthening and spreads are edging in.

    This week has again started with light flows, but many sectors are now back to around pre-Brexit levels as sentiment continues to improve in line with seeming greater political/central bank certainty. Once more, CLOs are leading the way in terms of both .......

    SCIWire 12 July 2016

  • Large loans push delinquencies up

    US CMBS delinquencies last month increased by 20bp to 3.18%, according to Fitch's latest index results for the sector, rising for a third straight month. The sharp increase was mainly due to the addition of three loans to the index, each greater than US$100m in size.

    In total, new delinquencies of US$1.43bn more than doubled total resolutions of US$678m in .......

    News Round-up 11 July 2016

  • Brexit ratings outlook 'unchanged'

    Fitch has reassured the market that no more UK structured finance rating actions are expected in the near term following the country's vote to leave the EU. However, terms of the exit could present tail risks, including mortgages and leveraged loans experiencing longer-term underperformance.

    Fitch says that the elevation in risk premiums following the UK vote to leave the EU will weaken private .......

    News Round-up 8 July 2016

  • Global issuance trends diverging

    S&P reports that that there is a clear divide in recent structured finance issuance trends, with the US, Europe and Australia all seeing recent declines and countries such as Brazil, Argentina, China and Canada witnessing increases. The agency attributes declines in the former group to both broader volatility and a host of recent regulations governing capital charges and liquidity ratios.

    Amid strong underlying .......

    News Round-up 8 July 2016

  • Gating suspensions highlight risks

    Fitch says that the UK's EU referendum result is posing immediate risks to commercial real estate through the suspension of trading, or gating, of several UK property funds. However, although market activity and valuations are at risk of decline, companies or structured finance transactions in commercial property have buffers to absorb these shocks.

    The funds suspended trading this week following .......

    News Round-up 8 July 2016

  • CBD prices bounce back

    The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 1.7% in May. Despite falling 2% over the last 12 months, including price decreases in each of the five months before May, CBD office prices finally arrested their slide and rose about 2% in May.

    CBD office is the only CPPI segment to show a 12-month price .......

    News Round-up 8 July 2016

  • CMBS downgraded on London fears

    Fitch has downgraded the class A notes of Ulysses (European Loan Conduit No. 27) and placed the class A to C notes on rating watch negative. These actions have been taken as a direct result of the UK's vote to leave the EU.

    The £249m class A notes have been downgraded from triple-B to double-B and placed on watch. The .......

    News Round-up 8 July 2016

  • Private label CMBS volume drops

    Private label US CMBS issuance has dropped to its lowest level since early 2012, according to Kroll Bond Rating Agency. Just US$968.3m priced in June, which represents a 48% decrease year-over-year through the first half.

    However, the agency does note a robust pipeline slated through July, which could see up to five conduits hit the market. A number of single .......

    News Round-up 7 July 2016

  • Commercial, multifamily expectations flat

    Originations of commercial and multifamily mortgages will total US$500bn this year, expects the Mortgage Bankers Association. That would be roughly flat from the US$500bn originated in 2015 and slightly less than the US$508bn record set in 2007.

    Mortgage banker originations of multifamily mortgages are forecast at US$210bn for this year. Total multifamily lending is forecast at US$273bn.

    "The year has .......

    News Round-up 7 July 2016

  • JQH loan transferred

    The US$44.95m Chateau on the Lake loan securitised in Wells Fargo Commercial Mortgage Trust 2015-C26 has been transferred to special servicing. The loan is the largest underlying the CMBS.

    Servicing of the loan has been transferred from Wells Fargo to Midland Loan Services, effective from 4 July, due to the bankruptcy of the borrower, John Q Hammons Hotels & Resorts. .......

    Job Swaps 7 July 2016

  • CMBS delinquencies ratchet up

    Trepp's US CMBS delinquency rate took a significant jump up in June, as a number of loans reached their maturity date but were paid off. After the first two months of 2016 saw a drop in delinquencies, the rate has now crept up four months in a row.

    The delinquency rate for US CMBS loans now stands at 4.6%, but remains .......

    News Round-up 6 July 2016

  • Risk retention expectations surveyed

    Just over half (51%) of the respondents polled in Morgan Stanley's latest US CRE survey believe the market will pay up for risk retention-compliant CMBS deals. Opinions varied about anticipated quality differences in transactions retained by banks versus B-piece buyers, but overall more participants (38%) expect banks retaining a horizontal strip to result in a higher quality deal. Just under .......

    News 6 July 2016
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