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Latest news
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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Price talk on Redwood Trust’s latest residential mortgage-backed securities deal is said to have widened out from previous transactions this year, but market players say they don’t expect to see the Mill Valley, Calif.-based real estate investment trust retreat from its big issuance plans for 2013.
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In an effort to eliminate the infamous abuses of repurchase agreement sale accounting illustrated by the demises of Lehman Brothers and MF Global, the Financial Accounting Standards Board reached a decision on Oct. 13, 2012 to restrict collateral providers in repo agreements from treating such transactions as sales. But FASB’s proposed accounting change threatens to make the Federal Reserve’s eventual exit of the latest round of quantitative easing much riskier. -
The Nationwide Building Society Pension Fund invested a total of £150 million ($223.02 million) in residential mortgage-backed securities at the end of last year.
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Moody’s Investors Service is updating the way it measures the impact of sovereign risk on the ratings of certain securitized asset classes in Europe.
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Investors on both sides of the Atlantic are ramping up their interest in German multi-family CMBS, driving spreads for senior bonds in Grand (German Residential Asset Note Distributor) back to par. However, Deutsche Bank could beat any new German multi-family supply to market with a new Chiswick Park CMBS.
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U.S. market players are looking at Australian lender Resimac’s residential mortgage-backed securities deal, which includes a U.S. dollar tranche, as a possible harbinger of more Australian issuers planning to test the U.S. investor base this year.
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Some holders of legacy European residential mortgage-backed paper are taking the opportunity to offload peripheral bonds amidst a broader backdrop of sluggish activity in the secondary market for asset-backed securities.
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Losses are expected to reach €170m-€180m for the Countrywide Kaufland loan in the Epic (Drummond) synthetic CMBS, according to Barclays CMBS analyst Christian Aufsatz. The forecast means even class ‘A’ noteholders face the prospect of suffering principal losses.
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Intu Properties, the UK’s biggest shopping centre owner, formerly called Capital Shopping Centres, has successfully issued its first bonds from a new secured debt programme, raising £800m.
