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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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Kroll Bond Ratings Agency is set to release a methodology explaining how it would rate residential mortgage-backed securities collateralized by loans that fall outside the Qualified Mortgage rule. A pool of high quality non-QM loans could obtain a AAA rating from the firm, senior director Michelle Patterson told SI. The agency may release the methodology as soon as this week or next.
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Shocked mortgage investors scrambled to take in news Thursday that a tactical change in voting thresholds would “virtually guarantee” Rep. Mel Watt (D-N.C.) the votes he needs to replace acting director Ed DeMarco and take over as head of the Federal Housing Finance Agency.
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Talk of non-prime residential mortgage-backed securities is rekindling around reports that a handful of firms are testing the waters with investors and ratings agencies, but market players say major hurdles remain for the asset class.
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The Automobile Association, the UK roadside breakdown group, returned to the bond market today without any investor marketing to raise another £500m from its new whole business securitization.
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Ford Credit Europe Bank was able to price the senior bonds in its Globaldrive German auto loan securitization at the tight end of initial guidance, with few signs that demand for auto ABS paper has slowed down on the back of steady supply.
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The Irish banking system has taken another step towards recovery after Permanent TSB (PTSB) successfully priced the first Irish mortgage-backed securitization since 2007, finding an abundance of European investor demand along the way.
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The new-issue commercial mortgage-backed securities pipeline has surpassed the $5 billion mark for the week, and market players are preparing for issuance to dwarf previous annual projections. Investors now peg issuance to hit at least $80 billion for the year, up from initial projections of $60-$70 billion at the beginning of 2013. Investors speaking with sister publication Real Estate Finance Intelligence said they expect this to be the routine going through year-end—heavy weekly conduit issuance, supplemented by one-offs and single borrower transactions.
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Deutsche Bank has priced a $156.55 million non-performing loan securitization. COMM 2013-RIAL4, which is backed by 515 non-performing loans and real-estate-owned assets, is one of a handful of NPLs completed this year. The bank sold the bonds on behalf of Rialto Capital Management. Calls to the bank and to Rialto were not returned by press time.
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Bayview Financial is launching two non-performing loan securitizations in what appears to be rejuvenated issuance to satisfy demand from investors seeking relative yield.