Latest CMBS news
JP Morgan and Deutsche Bank priced the latest conduit CMBS deal at year tight levels last Friday, as analysts predict further tightening in CMBS debt after the market lagged a rally in corporate debt last month.
KKR closed a $1.1bn risk retention fund on Tuesday, and the firm’s co-head of real estate credit told GlobalCapital that market consolidation brought on by risk retention has strengthened credit quality in the asset class.
Blackstone is in the CMBS market this week with $1.4bn of paper across two deals, financing a pool of office properties in one of California’s media and entertainment hotspots and a group of furniture store rooms in Las Vegas and North Carolina.
As the CMBS market starts to claw back some of the market share it lost after the financial crisis, bankers have said the resurgence comes down to a simple factor — pricing.
Ladder Capital closed its first CLO backed by bridge loans on commercial real estate properties on Tuesday, the second time this year it has stepped into the capital markets with a deal from its own shelf.
Lone Star’s portfolio of Hyatt properties and a Hong Kong fund’s loan on the Standard Hotel in Manhattan are both expected to surface in the CMBS market soon, as JP Morgan warns the sector still has credit concerns worthy of more attention.
The US CMBS delinquency rate fell in September, according to Trepp data, with the performance of outstanding deals beginning to improve after the market digested a wave of maturing pre-crisis deals.
Two commercial real estate CLOs are understood to be in the pipeline following a bumper deal from Prime Finance last week, in what has been a hot year for the asset class.
The CMBS market has softened this month as insurance companies pull back from the primary buying in anticipation of a heavy flow of hurricane related claims, leading to spreads widening as issuers bring a raft of new deals to the market.
A hastily arranged bankruptcy financing for Toys ‘R’ Us has left investors analysts scrambling to understand the impact on the company’s corporate and real estate debt.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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Most Viewed: Securitization
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||6,665||23||12.97|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||92,153.61||267||12.17%|
|3||Wells Fargo Securities||72,661.39||222||9.59%|