Latest CMBS news
Single asset single borrower CMBS issuance has picked as spread tightening increases the attractiveness of CMBS financing compared to balance sheet loans.
A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.
CMBS issuers are set to flood the primary pipeline with new offerings, including single asset deals backed by retail properties, in a sign that investors have yet to cool to the sector despite a stream of negative headlines around bricks and mortar retail.
A $185m single borrower CMBS offering is in the market this week, backed by a loan that is part of a larger financing package for a California shopping mall owned by Simon Property Group, with the remaining debt expected to be packaged into future conduit deals.
Morningstar Credit Ratings has identified the most vulnerable US CMBS loans with exposure to teen fashion chain Rue21, with $100m of CMBS debt said to be vulnerable to default if the company decides to close more stores.
Multifamily CMBS underwriting standards have been slipping, according to JP Morgan analysts, as growing appetite from the government sponsored enterprises (GSEs) drives competition among agency and private label lenders.
Goldman Sachs priced a conduit CMBS transaction on Friday, while issuers this week prepare to offer investors another $2.7bn of bonds in a busy run up to the annual CREFC industry conference in the first week of June.
A $754m CMBS deal backed by a single loan secured by a portfolio of hotel assets hit the primary market this week, with demand for the highly leveraged deal reflective of the widespread bullishness in the wider fixed income markets, say sources.
The four largest commercial mortgage servicers in the US are successfully battling a decline in the volume of outstanding CMBS loans by ramping up their involvement in deals from the government sponsored enterprises, said Morningstar Credit Ratings on Monday.
Three single asset single borrower deals totalling nearly $1.5bn were placed in the US CMBS market last week, while another single borrower deal and a new conduit from Goldman Sachs have been added to a busy second quarter pipeline.
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
- CS asset finance boss follows Henrion to M&G’s new consumer fund
- GBP set new Social Bond Principles, guide brown issuers
- EU green finance group considering reg cap cuts
- Natixis hires new global structured credit head
- Banks set to finance own NPL exits through guarantees
Promoted By CGIF
Promoted By Euromoney Country Risk
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
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||3,865||12||12.28|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||43,017.27||121||11.73%|
|3||Wells Fargo Securities||36,865.83||105||10.05%|