Titan 2007-1 principal losses could hit ‘A2’ bondholders

Class ‘A2’ noteholders in Cornerstone Titan 2007-1, one of Europe’s largest conduit CMBS transactions, could eventually face principal losses depending on how the 18 remaining loan workouts progress, according to Barclays CMBS analyst Christian Aufsatz.

  • 25 Apr 2013
Three of the underlying loans, including the largest defaulted loan, Xanadu, were liquidated in the first quarter of this year after property sales were agreed in 2012. At the April interest payment date, the proceeds of these property sales saw class ‘A1’ noteholders receive a €228.1m principal payment, ...

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