CMBS - All Articles

  • No Blue Granite Ratings Impact From Account, Counterparty Tweaks

    Four deals under Standard Bank of South Africa’s Blue Granite Investments residential mortgage-backed securities program will not see their ratings affected by recent changes to the account bank and swap counterparty ratings triggers, Moody’s Investors Service analysts said.

    • 31 Jan 2013
  • U.K. Non-Conf RMBS Drives Tight In Secondaries

    Surging bids on U.K. non-conforming residential mortgage-backed securities are raising eyebrows in the secondary markets, according to London-based bankers on the frontline.

    • 31 Jan 2013
  • European Secondary ABS Mart Muted

    Secondary trading in European securitization markets has been flat this week, traders told SI Wednesday.

    • 30 Jan 2013
  • Deco 14 Bulgaria loan given two more years to pay off

    Capita Asset Services has extended the maturity date on the Bulgaria Loan in Deco 14 – Pan Europe 5 to 2015 after deciding a consensual sale or refinancing of the loan was still possible.

    • 30 Jan 2013
  • ABN Amro Plans Dutch RMBS Note Redemptions

    ABN Amro plans to redeem four classes of notes from its Fishbowl and Goldfish Dutch residential mortgage-backed deals next month.

    • 29 Jan 2013
  • Smaller Deals Forecast As U.K. RMBS In ‘Wait-And-See’ Mode

    With the U.K.’s primary residential mortgage securitization market still dormant almost a month into 2013, market players in London are forecasting much smaller-sized offerings once the U.K. lenders do return to market.

    • 29 Jan 2013
  • REO-To-Rental: Closer Than You Think?

    Market players looking under the hood of the REO-to-rental market say discussions have progressed further than expected in the last 12 months.

    • 29 Jan 2013
  • Mortgage Players Wrestle With QM Uncertainty

    Panelists looking to pin down the impact of the new Qualified Mortgage Rule found themselves faced with two basic questions.

    • 29 Jan 2013
  • Housing Finance Reform Seen Unlikely In 2013

    The chances for U.S. housing finance reform in the coming year are slim, panelists at ASF 2013 said Monday afternoon.

    • 28 Jan 2013
  • DECO 7 CMBS Loan Set For Extension, Restructuring

    The Tiago loan, securitized in Deutsche Bank’s DECO 7 Pan-Europe 2 commercial mortgage-backed deal, has been granted a month’s extension following its Jan. 20 maturity date to help finalize a new year-long extension and restructuring on the loan.

    • 28 Jan 2013
  • Redwood Issues Second Deal In One Month UPDATE

    Mill Valley-Calif.-based Redwood Trust has hit the market with its second residential mortgage-backed securities deal in one month in what industry insiders called an aggressive move for the private-label market’s most frequent issuer.

    • 25 Jan 2013
  • Secondary CMBS Swims Through New Issue Wave

    Trading in the commercial mortgage-backed securities secondary market was steady last week, even as nearly $6 billion of new paper was offered in the primary market.

    • 25 Jan 2013
  • Mart Sizes Up Euro CMBS Issuance Conditions

    London-based officials say conditions are ripe for new commercial mortgage-backed securities issuance in Europe, but no one portfolio has yet emerged as a deal candidate—despite the recent spread-tightening making deal economics attractive for prospective issuers.

    • 24 Jan 2013
  • Redwood Issues Second Deal In One Month

    Mill Valley-Calif.-based Redwood Trust has hit the market with its second residential mortgage-backed securities deal in one month in what industry insiders called an aggressive move for the private-label market’s most frequent issuer.

    • 23 Jan 2013
  • Investor Demand Solid As NIBC Issues MBS Guidance

    NIBC Bank issued price guidance on its EUR526.5 million ($699.1 million) Dutch MBS XVIII residential mortgage trade Wednesday afternoon, with the initial levels indicating solid demand for Dutch RMBS amongst investors ahead of the expected launch and pricing Thursday morning.

    • 23 Jan 2013
  • ESMA Plans Increased Structured Finance Ratings Scrutiny

    The way rating agencies rate structured finance transactions will come under greater scrutiny from the European Securities and Markets Authority this year, amidst sustained concerns over high outstanding securitization volumes and continued ratings volatility in the region.

    • 23 Jan 2013
  • Trepp: 2012 Conduit Loan Payoffs Exceeded Expectations

    Conduit loan payoffs exceeded expectations in 2012, with about 72% of all loans paying off at maturity, according to data from Trepp, LLC.

    • 22 Jan 2013
  • Basel Proposal To Hit Banks Hard—RBS

    Recently proposed changes to capital requirements from the Basel Committee on Banking Supervision could cause asset-backed securities-related regulatory capital held by banks to increase more than twice over and sharply raise the spread level at which banks break even when investing in ABS, according to Royal Bank of Scotland researchers.

    • 22 Jan 2013
  • DSA-Compliant STORM Trade Prices Tight

    Rabobank mortgage subsidiary Obvion priced its Dutch residential mortgage-backed securities deal, STORM 2013-I, tight of original guidance on Tuesday, with the EUR150 million ($199.77 million) senior three-year tranche yielding 45 basis points over three-month EURIBOR.

    • 22 Jan 2013
  • STORM Price Thoughts Herald Further Tightening

    Initial price thoughts on Obvion’s Dutch residential mortgage-backed trade, STORM 2013-I, surfaced this morning, with the senior class whispered at three-month EURIBOR plus 50-55 basis points.

    • 21 Jan 2013
  • GRAND Refinancing Package Hailed

    German real estate investor Deutsche Annington Immobilien AG’s refinancing of its German Residential Asset Note Distributor (GRAND) commercial mortgage backed-securities deal this week is seen as a positive for the market, though CMBS noteholders will not see the cash flow through until the next quarterly payment date in April, according to London-based asset-backed securities analysts.

    • 18 Jan 2013
  • Lone Star fails in second attempt to oust Hatfield

    Private equity company Lone Star, the main junior noteholder in Windermere XIV, has failed in its second attempt to change the special servicer on the transaction. Its proposal again failed by margin of less than 5% — though by a larger margin than in December.

    • 18 Jan 2013
  • ELoC 21 CMBS Loan Repays

    The France Telecom loan, the largest of the two loans left in Morgan Stanley’s 2005 Odysseus (European Loan Conduit No. 21) commercial mortgage-backed deal, was fully repaid Tuesday.

    • 17 Jan 2013
  • U.S. Buyers Still Eyeing Dutch RMBS

    A handful of new issue Dutch residential mortgage-backed transactions emerged this week and securitization bankers say U.S. investors continue to have the asset class in their sights.

    • 17 Jan 2013
  • Talisman 5 and 6 CMBS see more loans default

    Servicer Hatfield Philips has declared loan events of default for the Apple loan in the Talisman 6 CMBS, a deal backed by German retail assets, and the Reindeer loan in Talisman 5, as both loans hit their extended January 2013 maturities without being paid off.

    • 17 Jan 2013
  • Euro RMBS Ratings Sees Sovereign, Counterparty Constraints Shift

    Constraints on European residential mortgage-backed securities ratings are shifting, with sovereign pressures and counterparty issues posing an increasingly larger risk to ratings, Standard & Poor’s said Wednesday.

    • 16 Jan 2013
  • STORM Gathers As Obvion Readies DSA-Compliant RMBS

    Rabobank subsidiary Obvion is back in the market with a new issue of Dutch residential mortgage-backed securities from its STORM shelf.

    • 16 Jan 2013
  • Tightening In Peripherals Gets ‘Ridiculous’

    Spreads on lesser-quality, peripheral names in European securitization have continued to tighten, as investors look outside their comfort zones for paper amid lack of supply, and some market officials think the stage is set for a steep gapping out.

    • 15 Jan 2013
  • ING Taps RMBS Mart With Preplaced Trade

    ING Bank has preplaced Orange Lion 2013-8 RMBS B.V., a securitization of Dutch residential mortgages.

    • 15 Jan 2013
  • Northwood kicks-off restructuring discussions as Opera CMH loans hit maturity

    Private equity company Northwood Investors, the new junior lender in Irish CMBS Opera Finance CMH, has called for discussions with noteholders on potential recovery plans. The company has hired Brookland Partners to act as its financial adviser in the process.

    • 15 Jan 2013
  • NIBC Readies Dutch RMBS

    NIBC Bank is preparing to come to market with Dutch MBS XVIII, a EUR526.5 million ($702.9 million) securitization of Dutch residential mortgages.

    • 14 Jan 2013
  • Lone Star fails at second attempt to oust Hatfield Philips from Windermere XIV

    Private equity company Lone Star, the main junior noteholder in Windermere XIV, has failed in its second attempt to change the special servicer on the transaction. It’s proposal again failed by margin of less than 5% — though by a larger margin than in December.

    • 14 Jan 2013
  • B of A May Be Set To Sell More Servicing Rights

    Market players say Bank of America could be in the market again soon to offload another $100-200 billion in servicing rights, and that other banks could follow their lead after the bank sold $300 billion of residential mortgage servicing rights to Nationstar Mortgage and Walter Investment.

    • 11 Jan 2013
  • JPM Leads The Books In 2012 - UPDATE

    JPMorgan emerged as the top bookrunner of global asset-backed securities deals in 2012, deposing Bank of America-Merrill Lynch, which had taken the top seat since 2010, according to league tables compiled by SI and Dealogic.

    • 11 Jan 2013
  • E.U. Regulators Call For EURIBOR Governance Overhaul

    The governance of the EURIBOR-European Banking Federation needs to improve, particularly in the structure of its steering committee, the European Securities and Markets Authority and the European Banking Authority said Friday.

    • 11 Jan 2013
  • Epic (Brodie) noteholders set for January prepayment

    Noteholders in the Epic (Brodie) synthetic CMBS are set to receive a €74m reference obligation prepayment, after the sale of three properties.

    • 11 Jan 2013
  • Northwood buys junior loan in Irish Opera CMBS

    Northwood has beaten off competition from Cheney, Kennedy Wilson, Texas Pacific Group and other bidders to acquire the junior loan in Eurohypo’s Opera Finance CMH, a CMBS backed by Irish real estate. The purchase gives the company a say in any debt restructuring plans.

    • 11 Jan 2013
  • Lone Star seeks second servicer vote

    Private equity company Lone Star, the main junior noteholder in Windermere XIV, will have a second attempt at removing Hatfield Philips as special servicer on the transaction at a noteholder meeting in London this Friday. If successful, Lone Star will install its own servicing affiliate, Hudson Advisors, giving it an advantage in any workout negotiations.

    • 11 Jan 2013
  • Stage Set For CRE CDO Return

    The long-stagnant market for commercial real estate collateralized debt obligations will make a comeback this year, with issuance of $5-10 billion, according to analysts at RBS.

    • 10 Jan 2013
  • Banks Muscle In Further On Securitization Investor Base

    Bank treasuries are expected to become bigger players in the European securitization investor pool this year, taking down an increasingly larger chunk of new issuance.

    • 10 Jan 2013
  • JPM Leads The Books In 2012

    JPMorgan emerged as the top bookrunner of global asset-backed securities deals in 2012, deposing Bank of America-Merrill Lynch, which had taken the top seat each year since 2010, according to league tables compiled by SI and Dealogic.

    • 09 Jan 2013
  • Only U.K., Dutch RMBS May Pass Liquidity Buffers Hurdle

    U.K. and Dutch residential mortgage-backed securities may be the only RMBS bonds eligible as collateral in the amended Basel III bank liquidity buffers

    • 09 Jan 2013
  • Northwood wins bid for junior loan in Irish Opera CMBS

    Northwood has beaten off competition from Cheney, Kennedy Wilson, Texas Pacific Group and other bidders to acquire the junior loan in Eurohypo’s Opera Finance CMH, a CMBS backed by Irish real estate. The purchase gives the company a say in any debt restructuring plans.

    • 09 Jan 2013
  • Windermere XIV CMBS gears up for second servicer vote

    Private equity company Lone Star, the main junior noteholder in Windermere XIV, will have a second attempt at removing Hatfield Philips as special servicer on the transaction at a noteholder meeting in London this Friday. If successful, Lone Star will install its own servicing affiliate, Hudson Advisors, giving it an advantage in any workout negotiations.

    • 09 Jan 2013
  • Redwood Back In RMBS Game

    Mill Valley, Calif.-based Redwood Trust is off the bench early in 2013 with its first residential mortgage-backed securitization deal of the year: the $397.88 million Sequoia Mortgage Trust 2013-1.

    • 08 Jan 2013
  • Positive Tone As Small RMBS BWIC Emerges

    Secondary trading of residential mortgage-backed securities is described as “quiet but positive,” as a small bids-wanted-in-competition list comprising U.K. residential mortgage securitization surfaced Tuesday lunchtime.

    • 08 Jan 2013
  • Friesland Eleven Cities Bonds Not Redeemed

    Friesland Bank’s Stichting Eleven Cities No. 8 Dutch prime residential mortgage-backed notes were not redeemed last month, despite the issuer’s intention to buy back all outstanding bonds on December’s payment date.

    • 08 Jan 2013
  • Epic (Brodie) noteholders set for January prepayment

    Noteholders in the Epic (Brodie) synthetic CMBS are set to receive a €74m reference obligation prepayment, after the sale of three properties.

    • 08 Jan 2013
  • Morgan Stanley, B of A Ignite New Issue Market With Conduit

    Morgan Stanley and Bank of America are in the market with the first conduit commercial mortgage-backed securities deal of 2013, with price whispers coming in at 75 basis points over swaps for the benchmark class of AAA-rated bonds.

    • 07 Jan 2013
  • B of A’s Servicing Selloff To Boost HARP Speeds

    Prepayment speeds in Bank of America Home Affordable Refinance Program-eligible pools are poised to accelerate on the bank’s sale of $300 billion of residential mortgage servicing rights to Nationstar Mortgage and Walter Investment, according to Scott Buchta, head of fixed income strategy at Brean Capital.

    • 07 Jan 2013
  • Underlying Euro ABS Assets Remain Stable

    Most assets underpinning European securitizations are set to continue to perform well this year, though the region’s commercial mortgage-backed market continues to feel the squeeze, analysts at the Royal Bank of Scotland said Monday.

    • 07 Jan 2013
  • RMBS Eligible In Basel LCR Tweaks, But Caution Remains

    Securitization professionals are welcoming the Basel Committee on Banking Supervision’s tweaks to the Liquidity Coverage Ratio, which will see higher-grade residential mortgage-backed securities eligible for inclusion.

    • 07 Jan 2013
  • Basel III Conundrum For Community Banks

    By Shanker Merchant, managing director in investment banking at CastleOak Securities, a New York-based boutique investment bank.

    • 04 Jan 2013
  • Xuthus Pan-Euro CMBS Unwound

    Morgan Stanley’s ELoC Xuthus (European Loan Conduit) No. 29 commercial mortgage securitization has been unwound.

    • 04 Jan 2013
  • U.K. Dominant, But Dutch Expected To Kick-Start 2013 Issuance

    The U.K. continues to dominate securitization issuance volumes in Europe, accounting for more than half of all placed issuance last year—but asset-backed securities bankers in London reckon Dutch issuers will likely be first out of the blocks in 2013 with new trades.

    • 04 Jan 2013
  • White Tower CMBS Loan Granted Further Standstill

    The sole remaining loan in Société Générale’s White Tower Europe 2007-1 commercial mortgage securitization has been given until September to allow for more work on restructuring the loan.

    • 03 Jan 2013
  • Spread Tightening Could Push U.K. RMBS Near FLS Levels

    London-based securitization bankers are hopeful that a modest tightening in U.K. residential mortgage-backed spreads in the coming weeks could see publicly executed trades reaching levels comparable to funding in the U.K.’s Funding for Lending Scheme for some banks.

    • 03 Jan 2013
  • Grim outlook for CMBS as 25 loans mature this month, says Fitch

    With 35 loans maturing in January — most with high loan to value ratios — Europe’s CMBS market is set for a painful start to the year, Fitch Ratings reckons.

    • 03 Jan 2013
  • Xanadu Loan Sale A Positive For Titan CMBS

    The Xanadu loan, securitized in Credit Suisse’s EUR1.32 billion ($1.74 billion) pan-European commercial mortgage trade Cornerstone Titan 2007-1, has seen improved repayment prospects, in turn boosting the deal’s CMBS notes, according to an investor familiar with the deal.

    • 02 Jan 2013