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Nomura plans to launch its own conduit during second half of 2026
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Deal represets second green securitization of a New York office tower this month
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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.
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Charter Court Financial Services’ first-ever securitization of non-prime U.K. mortgages, Precise Mortgage Funding No. 1, has attracted strong demand from investors, and the borrower plans to use the residential mortgage-backed securities market on a regular basis, according to an official at the firm.
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The 25 U.S. banks with the largest portfolios of mortgage-backed securities reduced their MBS holdings by $42.67 billion in the third quarter 2013, according to JPMorgan.
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Spreads on the senior mezzanine bonds from Fannie Mae’s recent risk-sharing transaction, CAS 2013-C01, widened last week and are now trading in line with equivalent bonds from Freddie Mac’s two risk-sharing deals, STACR 2013-DN1 and DN2.
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Three-month mortgage arrears in Dutch residential mortgage-backed securities transactions crept upwards again to the end of the third quarter, according to Fitch Ratings.
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OSX, the shipbuilding, oil equipment and services arm of Eike Batista’s crumbling Brazilian EBX conglomerate, filed for bankruptcy with a Rio de Janeiro court on Monday, following sister company OGX’s identical move on October 30.
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The spate of issuance in Europe’s corporate bond market continued today, with five deals totalling at least €2.7bn, including a crossover-rated bond for Energias de Portugal.