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Deal represets second green securitization of a New York office tower this month
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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.
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The market for commercial mortgage-backed securities backed by a loan on a single property has slowed down precipitously since the beginning of the year, when more of the securities were sold than in all of 2012.
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Hypothekenbank Frankfurt, the special servicer for the troubled Irish commercial mortgage-backed securities deal Opera Finance (CMH), has not been swayed by a last ditch restructuring proposal and will press on with a noteholder vote to approve Kennedy Wilson’s cash offer for the underlying properties.
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Leeds Building Society is gearing up for its debut public issue from its Albion prime residential mortgage securitization shelf, in what will be only the fourth piece of U.K. RMBS issued this year.
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Hypothekenbank Frankfurt, the special servicer for the troubled Irish CMBS Opera Finance (CMH), has not been swayed by a last ditch restructuring proposal and will press on with a noteholder vote to approve Kennedy Wilson’s cash offer for the underlying properties.
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The commercial mortgage-backed securities market is bracing for wider spreads and prolonged volatility on the heels of Federal Reserve Chairman Ben Bernanke’s statement Wednesday that the bank could begin tapering its bond buying program this year.
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North Las Vegas has become the latest battleground in the war over eminent domain after the City Council there voted to enter into an advisory process with Mortgage Resolution Partners on the use of the technique—a move blasted by securitization industry officials who say eminent domain will negatively impact loans backing mortgage-backed securitizations.