Paralysis afflicts CMBS as bondholders wrangle with servicers and each other

Dozens of bondholder meetings have been called in recent weeks to address covenant breaches, swap counterparty replacement mandates and other issues. But the divergent interests of senior bondholders, junior bondholders and B-note lenders are paralysing negotiations and even compromising servicers, say investors and analysts.

  • 06 Mar 2009

REC Plantation Place, a £435m single property CMBS put together by NM Rothschild and the first to breach its loan-to-value covenants in early 2008, is convening another informal bondholder meeting next week. But there is little sign of any resolution to the deal’s problems.

The announcement of the ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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  • Last updated
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1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%