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The latest residential mortgage-backed securities deal from Mill Valley, Calif.-based Redwood Trust is said to have been initiated off the back of reverse inquiry, according to investors looking at the $320.34 million deal.
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Citigroup’s 2005 U.K.commercial mortgage securitization Victoria Funding (EMC-III) has had its class D and E notes downgraded by Standard & Poor’s, after the rating agency said money from any sales of the underlying properties may not be enough to repay the sole remaining securitized loan.
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There is little indication of any new commercial mortgage-backed issuance in Europe on the horizon, with lengthy lead-in times potentially prolonging the wait, following deals last month from the Royal Bank of Scotland and Deutsche Bank, London-based officials said Monday.
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As the European market enters the home stretch of 2012, London-based officials are confident annual issuance in the region can come within touching distance of last year’s total—despite concerns over a future squeeze on U.K. residential mortgage-backed issuance from the Bank of England’s Funding for Lending Scheme.
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Standard & Poor's has slashed ratings in 87 Spanish securitizations following its downgrade of the country's sovereign rating on Wednesday.
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The Brussels portfolio loan, one of six originally securitized in Morgan Stanley’s 2005 Odysseus (European Loan Conduit No. 21) commercial mortgage-backed deal, has been given an Oct. 30 standstill extension for it to meet certain costs linked to the loan.
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In a market littered with extensions and defaults, CMBS investors now have another risk to contend with — prepayment. The development comes after Blackstone was reported to be preparing to sell Chiswick Park, the property backing the first post-crisis CMBS. That makes it likely that noteholders will be prepaid ahead of the 2016 expected maturity.
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JPMorgan maintained its lead over global asset-backed securities bookrunners for the second quarter in a row, though its share of the market decreased by more than four points as other banks ramped up their activity, primarily in the U.S. market, according to league tables prvided to SI by Dealogic. -
Banco Santander Totta’s recent novel tender offer, in which it offered to buy back three classes of residential mortgage-backed notes in exchange for exposure to a covered bond, has been spurned by most bondholders.
