Latest news
Latest news
Deal refinances three banks' loans for $1.3bn acquisition
Barclays is holding the risk retention for the deal
Deal includes $760m of triple-A notes guided at 105bp
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Investors in both CMBS primary and secondary markets are bracing themselves for a glut of issuance this month, as numerous factors are conspiring to potentially drive spreads out further from two-year wides seen in August.
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Bank of America and UBS priced BACM 2015-UBS7 Monday afternoon, just ahead of the launch of Citi and Goldman Sachs’ CGCMT 2015-GC33, though investors say the considerable difference in the pricing of the deals’ super senior triple-A bonds failed to provide a hint on where spreads may head for the rest of the month.
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Bank of America Merrill Lynch has circulated initial price thoughts on its €177 million Taurus 2015-3 DAC CMBS deal, the securitization of two loans to Starwood Capital’s MStar Europe commercial real estate joint venture with M7 Real Estate.
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Investors in both CMBS primary and secondary markets are bracing themselves for a glut of issuance this month, as numerous factors are conspiring to potentially drive spreads out further than the two-year wides seen in August.
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Allen & Overy has hired a new partner from Latham & Watkins for its real estate finance group.
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The European CMBS market is about to get its third post-crisis multi-jurisdictional CMBS, after more than a month of silence in the primary market for the asset class. -
The end of S&P’s CMBS conduit ratings ban in a few months could start a fight between the agencies for market share — at the expense of credit standards.
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Goldman Sachs has priced its Reitaly CMBS, after initially postponing it and then restructuring the deal to give more protection to the most senior bondholders.
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A heavy September pipeline and market volatility are set to put pressure on new issue CMBS conduit spreads for the foreseeable future.
