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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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Ruslan Margolin, head of non-agency mortgage-backed securities trading at Knight Capital Group, left the firm, destination: the whole world.
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The UK’s largest car breakdown assistance company, the Automobile Association, overcame turbulent market conditions this week to price the first investment grade and high yield bonds from a new whole business securitization platform.
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Brussels Airport took advantage of a more stable day in European credit markets on Tuesday to launch its debut bond. Although the deal probably cost it more than it would have before the latest bout of volatility, the bond was well placed.
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Class ‘C’ and ‘D’ noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) CMBS, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’ last ditch restructuring proposal.
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Credit Suisse has successfully placed Alba 2013-1, a securitization of non-conforming U.K. mortgages that were mostly originated at the height of the U.K. property boom in 2006 and 2007, with the same handful of investors that bought Alba deals in 2012 and 2011.
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Class C and D noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) commercial mortgage-backed securities deal, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’s last ditch restructuring proposal.
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Class ‘C’ and ‘D’ noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) CMBS, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’ last ditch restructuring proposal.
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Royal Bank of Scotland’s Irish subsidiary, Ulster Bank, has bought back EUR1.5 billion ($1.95 billion) of Celtic Residential Irish Mortgage Securitization (CRSM) bonds, exceeding its targeted volume by around €250 million ($325.08 million).
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Pricing for the Automobile Association’s debut issue of bonds backed by its entire business started at generous spreads for both the senior and high yield portions, but sterling investors demanded even more to get involved in the senior 12 year tranche.