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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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VTB Capital has closed a RUB8.2 billion ($247.76 million) securitization backed by a portfolio of mortgages from Russia’s Absolut Bank. It managed to price the bonds at a lower coupon than for a similar deal put together for the same originating bank in April 2013.
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Real estate investment trusts American Homes 4 Rent and American Residential Properties are both poised to tap the single-family REO-to-rental securitization market, helping to solidify the long-term sustainability of the sector, according to Morgan Stanley.
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Cantor Commercial Real Estate’s chief executive is predicting commercial mortgage-backed securities issuance will top $125 billion in 2014, a $35 billion jump from 2013, as more borrowers tap the floating-rate and large loan markets.
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Trepp LLC is projecting 2014 to be a fairly smooth year for commercial mortgage-backed securities loan maturities, with expectations for an easy start to refinancing the nearly $350 billion of CMBS loans that are slated to mature over the next three years.
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Researchers believe issuance of non-agency residential mortgage backed securities will increase modestly next year.
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Kroll Bond Ratings Agency has hosted this week at least six meetings with issuers and banks to map out securitizations of non-Qualified Mortgages. Data used to calculate default risk and liabilities could be too conservative, market participants told the ratings agency, but senior officials at Kroll say they’re ready to rate a transaction.
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Noteholders in the German multi-family Florentia 2012 commercial mortgage-backed securities could be in line for early prepayment if the underlying borrower, Vitus Immobolien, decides to refinance the CMBS at tighter spread levels ahead of a rumored initial public offering or potential merger with Deutsche Annington, according to Barclays CMBS analyst Christian Aufsatz.
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Noteholders in the German multi-family Florentia 2012 CMBS could be in line for early prepayment if the underlying borrower, Vitus Immobolien, decides to refinance the CMBS at tighter spread levels ahead of a rumoured IPO or potential merger with Deutsche Annington, according to Barclays CMBS analyst Christian Aufsatz.
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Noteholders in Windermere XII CMBS will be asked to approve the sale of the Coeur Defense building, located in Paris, in a vote held this Friday. Junior noteholders face principal losses under the proposal, but the special servicer has warned that a judicial liquidation at a later stage would be even worse.