CMBS - All Articles

  • Latest CMBS conduit keeps 2018 rally going

    The latest conduit CMBS offering was priced on Friday, with lead banks selling the top rated, 10 year bonds at the same post-crisis tight level achieved by the offering that kicked off 2018 a week earlier.

    • 29 Jan 2018
  • Sears downgraded after announcing $1.3bn distressed debt exchange

    US retailer Sears announced its intention on Tuesday to swap unsecured and senior secured debt into new payment-in-kind notes that could be converted into common stock. Seeing this as a distressed debt exchange, Fitch Ratings quickly downgraded the retailer to C.

    • 23 Jan 2018
  • CMBS revival masks big industry shifts

    The US CMBS industry is clawing back market share in real estate lending by targeting high end hotel and office properties with single loan deals. But lenders have had to loosen their standards to do so, and the proliferation of single loan deals will concentrate risk in a market designed to diversify it.

    • 23 Jan 2018
  • Rise in Treasury yields drives CMBS to post-crisis tights

    The first CMBS conduit deal was priced on Friday, with spreads at the top of the capital structure falling to post-crisis tight levels, reflecting the rise in the 10 year Treasury rate and the move in swap spreads.

    • 22 Jan 2018
  • CMBS market set to surge after slow start

    A typically slow start for new US CMBS issuance this year has led to spreads tightening in the secondary market, though the primary pipeline is bracing itself for a surge of deals.

    • 17 Jan 2018
  • Sears lands new financing amid new round of closures

    US retailer Sears has landed a $100m private secured term loan, with a potential further $200m to be secured against the collateral, after the firm announced a fresh batch of store closures that Morningstar said could cause trouble for 16 CMBS loans.

    • 10 Jan 2018
  • Natixis preps single borrower deal to kick off 2018

    A single borrower CMBS deal in the works from Natixis is set to be among the first in the asset class in 2018.

    • 02 Jan 2018