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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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Morningstar Credit Ratings is forging ahead to rate conduit style securitizations of home rental loans, an offshoot of the single borrower deals from Blackstone Group and Colony Capital. Credit graders’ eagerness to rate an inaugural transaction, however, has some fixed income investors lamenting the post-crisis ratings process, which they believe remains flawed. -
Blackstone Group’s buy-to-rent mortgage unit, B2R Finance, which closed its first residential loan in February, intends to source enough supply for a first-of-its-kind securitization of around $300m in size.
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The European CMBS market’s problems are not restricted to an inactive primary market — a Fitch Ratings report shows nine loans maturing in the second quarter face restructuring or loss.
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The European CMBS market’s problems are not contained to an inactive primary market — a Fitch Ratings report shows nine loans maturing in the second quarter face restructuring or loss.
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NordLB has placed a securitized tranche of an €11.4bn high quality loan portfolio with institutional investors, releasing between €350m and €400m of equity in the process.
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Reni SPV Srl, a fixed rate Italian retail CMBS placed by BNP Paribas this week, has again demonstrated the kind of appetite for Italian ABS paper that has bankers hoping for stronger public issuance from the sector this year.
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Natixis could syndicate the debt tied to the Beaugrenelle shopping mall in Paris as early as next month, after completing the refinancing of 12 French shopping malls owned by CBRE Global Investors’ retail fund.
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Oaktree Capital Management is marketing a BBB- rated securitization, which will be the second largest issuance of non-performing loans and real estate owned (REO) properties since January 2013. Oaktree is one of several non-banks and alternative asset-managers offloading such assets through securitization markets.
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American Homes 4 Rent, the country’s second largest institutional owner of single family rental properties, is promising investors a securitization deal within 60 days. A successful transaction could help spur other issuers to access the market and would secure fresh capital for the firm, allowing it to resume new acquisitions at full pace.
