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Deal represets second green securitization of a New York office tower this month
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Bank of America Merrill Lynch has grabbed a director from Citigroup to join its commercial real estate structured finance group. -
Bayview Financial has pulled from the market its $185m securitization of subprime residential mortgages, following Fitch Ratings’ public rebuke of Standard & Poor’s preliminary triple-A ratings.
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Moody’s has placed nearly £4bn of CMBS credit-tenant-linked notes issued by Tesco plc on review for downgrade. The rating agency placed the UK supermarket group’s senior unsecured rating on review for downgrade earlier this week as rivals continue to eat into its market share and profits.
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Bayview Financial will have four times more skin in the game in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.
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Moody’s has placed nearly £4bn of CMBS credit-tenant-linked notes issued by Tesco plc on review for downgrade. The rating agency placed the UK supermarket group’s senior unsecured rating on review for downgrade earlier this week as rivals continue to eat into its market share and profits.
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Bayview Financial, which issued eight deals last year, is preparing to sell an unusually long-dated securitization of re-performing residential loans, the market's first issuance with that kind of collateral since July 2013. The deal comes as market participants anticipate a surge in RPL and non-performing loan securitizations later this year.
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Real estate investment trusts will soon be competing to buy non-performing residential loans, which are expected to fuel the growth of single family rental portfolios and subsequent securitizations.
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Volkswagen Financial Services is leading this week’s subdued ABS pipeline, on the heels of a long holiday weekend. There was fresh energy in other securitization markets, however, as a handful of new CMBS deals began marketing after a hiatus in new issuance.
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The head of the Federal Housing Administration, Commissioner Carol Galante, became on Tuesday the highest-ranking policymaker, and the first administration official, to chime in on investor activity in the home rental market.
