Latest CMBS news
Holdings of US CMBS at the largest life insurance companies have dropped in recent years, as firms shift their focus more to originating and holding commercial real estate (CRE) loans, according to research from JP Morgan.
The Court of Appeal in the UK has declined to give Credit Suisse Asset Management leave to appeal a judgement regarding payments to the class 'X’ notes in several Titan deals, a European CMBS series originated by Credit Suisse before the crisis.
The final three US CMBS conduit transactions of 2016, including a risk retention compliant offering, were priced at the end of last week, closing out a busy fourth quarter for primary issuance.
For all the noise in the US and EU markets this year over risk retention and the harm that it causes issuers and market participants, many in the market admit privately to quite liking the idea.
The markets have largely endorsed US president-elect Donald Trump’s mission to “make America great again”. But previous populist strongmen, in their quests to prove national strength and virility, have done a world of damage to their country’s economic prospects.
Issuance of US CMBS in 2016 is projected to be down roughly 30% year-over-year, with the outlook for renewed growth mixed as the market eyes threats to CMBS as a source of commercial real estate (CRE) debt capital.
The CMBS market took the surprise US presidential election result as an opportunity to pick up bonds on the cheap, with spreads tightening in the immediate aftermath of Tuesday’s vote.
Morgan Stanley is in the market this week with a $725.57m conduit CMBS transaction that will test a vertical risk retention structure, as market participants say that a horizontal model is proving to be a tough sell for both issuers and investors.
A number of single family rental (SFR) properties were damaged by the devastating Hurricane Matthew but, according to Moody’s, the effect on transactions should be minimal.
The US housing market saw a slowdown in construction as new build starts fell for a second straight month in September.
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.
Latest securitization people & markets news
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|Rank||Lead Manager/Arranger||Share % by Volume|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||SG Corporate & Investment Banking||1,445.74||4||9.92%|
|3||Wells Fargo Securities||1,187.61||3||8.15%|
|5||Bank of America Merrill Lynch||831.08||4||5.70%|