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CMBS

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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.
  • Standard & Poor's has slashed ratings in 87 Spanish securitizations following its downgrade of the country's sovereign rating on Wednesday.
  • 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.
  • 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.
  • 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.
  • Moody’s Investors Service has come out with a report offering a contrarian view on the ratings assigned to recent conduit commercial mortgage-backed securities deal, according to sister publication Real Estate Finance Intelligence.
  • 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.
  • U.K. buy-to-let lender Paragon has mandated Lloyds Bank, Macquarie Bank and Morgan Stanley as joint lead managers on Paragon Mortgages 17, the firm’s first new issue of buy-to-let RMBS in a year.