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Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.
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UK pub group Enterprise Inns plans to shake up its debt structure by refinancing loans at a tighter margin and issuing a new bond. -
Avenue Capital’s AYR Issuer student housing CMBS priced on Thursday was another sign that there is enough appetite for the product to make it viable for a wide range of assets. But bankers are frustrated with the lack of translation from rumour into fact in the European public market.
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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.
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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.
