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Latest news
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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.
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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.
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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.
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CMBS noteholders in four transactions could lose money because of properties being undervalued ahead of potential sales, according to Royal Bank of Scotland analysts.
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A weekly roundup of securitization sectors with year-to-date totals in ABS, CMBS, RMBS and CLOs in the US and Europe. -
The London & Regional Debt Securitisation (LORDS) No. 2 U.K. commercial mortgage-backed trade has been downgraded by Moody’s Investors Service, with the underlying loan predicted to see losses stemming from lease expiries and growing vacancy rates in the properties.
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Deutsche Bank’s DECO 2011-CSPK commercial mortgage securitization—the first post-crisis European CMBS—could be set for an imminent prepayment if the sale of the underlying Chiswick Park business park goes ahead.
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Bids-Wanted-In-Competition activity points to sustained demand for U.K. prime residential mortgage-backed names, as new issue markets remain quiet, according to traders in London.
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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.
