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Latest news
Deutsche Bank predicts $155bn of private sector CMBS
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Single asset, single borrower deals drove the US CMBS market in 2025, particularly on New York City collateral as office attendance rose. With interest rates predicted to fall further in 2026, market participants are looking forward to a greater variety of deals on commercial real estate from other cities and sectors, writes Pooja Sarkar
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European CMBS supply rose unexpectedly this week as Bank of America Merrill Lynch privately placed €410m of securities backed by debt used by Lone Star to purchase the Coeur Défense office complex in Paris. Elsewhere, Avenue Capital quickly executed its £107.3m AYR Issuer student housing CMBS.
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CMBS investors are about to encounter the problem experienced by parents across the UK every August, as they are asked to participate in Avenue Capital’s £107.3m ‘AYR Issuer’ transaction to help keep a roof over thousands of UK students’ heads. -
Moody’s has backed a transfer of relatively risky assets from Crédit Foncier de France (CFF) to its parent BPCE as credit positive.
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Crédit Agricole and Deutsche Bank postponed Westfield's £750m CMBS this week, claiming some investors were concerned with a lack of risk retention in the deal’s structure. But market participants scoffed at the suggestion and said the pricing was aggressive and the timing poor, suggesting the leads were simply scared of not getting the deal away.
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Hatfield Philips has completed a restructuring of the €225m Apple Whole Loan in the Talisman 6 Finance PLC CMBS, after the parent companies of the loan’s recipient companies agreed to have their shareholdings transferred to two holding companies.
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Crédit Agricole and Deutsche Bank have postponed the Westfield Stratford CMBS after a number of investors grew jittery over the banks’ interpretation of European risk retention rules, under which they decided neither they nor the sponsors would take a 5% stake in the £750m deal.
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Lead managers Crédit Agricole and Deutsche Bank have revised price guidance on their £750m Westfield Stratford City Finance CMBS, focusing investors on the upper end of initial price thoughts.
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Bayview Financial is foregoing the ratings process on a securitization of once defaulted mortgages (RPL for reperforming loans) after a ratings disagreement in May scuppered an attempted transaction.
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Hatfield Philips has invited noteholders to a special update call on its strategy for servicing Deco 15 Pan Europe 6, as it tries to consolidate its hold on the servicing mandates in the CMBS. Cheyne Capital had tried to remove it from the Main loan and Plus Retail loan at the end of May.
