Latest news
Latest news
TwentyFour priced its Dutch prime RMBS refi, Blackstone its sterling logistics CMBS
Blackstone is aiming to execute its CMBS before the market shuts for Global ABS
Second large office CMBS in quick succession after The Soloviev Group sold a $1.7bn New York office CMBS last week
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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.