Latest CMBS news
With CMBS investors shunning exposure to weak retail properties, industrial warehouse assets benefitting from the rise of online shopping are an attractive alternative for conduit lenders. Tough competition however makes sourcing assets a challenge.
Morningstar Credit Ratings has hired Charles Citro as head of its CMBS ratings business.
Most focus in US commercial real estate has been on the ailing retail sector, but S&P Global Ratings analysts said this week that the office sector was worth a closer look, as the largest quarter in the CMBS maturity wall gets under way this month.
Bank of America Merrill Lynch, Wells Fargo and Morgan Stanley priced a $1bn CMBS conduit deal at the end of last week, as investors steer towards bank-originated assets and away from seasoned deals with higher levels of retail exposure.
US private equity firm Blackstone closed a UK CMBS deal last week, backed by a loan secured on a London office property that was previously securitized in a Morgan Stanley CMBS deal which was repaid in 2012.
Tad Philipp, senior vice president and head of commercial real estate research at Moody’s, is set to retire next month, bidding farewell to an industry in which he has been one of the most visible figures.
Hedge funds are shorting two synthetic indexes of post-crisis CMBS deals, with a third index being talked as the next target. Observers say that ailing retailers’ turnaround strategies are exactly what will play into the success of the trade.
China Development Bank jumped on the floating rate note (FRN) bandwagon this week, bagging $3bn equivalent and adding its name to a list of issuers that recently sold bonds in the format. With demand rather than supply driving deals, and with interest rate hikes looming, the stage is nicely set for more FRN trades, writes Addison Gong.
Deutsche Bank is telling investors that it may be time to place bets against the CMBS market, as mounting problems in the retail sector threaten the health of some post-crisis bonds heavily exposed to lower quality retail properties.
UK specialist lender, Together, which offers residential, commercial and personal loans, has agreed a £90m four year funding facility with Goldman Sachs Private Capital.
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
- Morningstar hires new CMBS ratings chief
- Robust ICG activity propels Citi’s first-quarter performance
- Banks at risk from drought, reveals groundbreaking research
- GOP congressman renews fight against CFPB mortgage rules
- KKR invests in Italian NPL servicer
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Read the magazine on your mobile device
Most Viewed: Securitization
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||6,778||8||22.97|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||35,181.47||86||13.56%|
|3||Wells Fargo Securities||24,415.38||74||9.41%|