Latest news
Latest news
TwentyFour priced its Dutch prime RMBS refi, Blackstone its sterling logistics CMBS
Blackstone is aiming to execute its CMBS before the market shuts for Global ABS
Second large office CMBS in quick succession after The Soloviev Group sold a $1.7bn New York office CMBS last week
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Loan repayment in German commercial mortgage-backed securities has slowed and may have peaked, with only three of seven loans due to mature in 2012 having been repaid so far this year, according to Standard & Poor’s.
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Moody’s Investors Service is seeking industry feedback on proposed changes to the way it assesses swap and bank counterparty risk in securitizations, as market officials warn the shrinking pool of eligible counterparties threatens a ratings squeeze on many securitized tranches.
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A white paper the American Securitization Forum released today advocating a move to a single agency security has divided members on the issues of guarantee fees and whether or not to call out which government entity is responsible for a particular security, according to a statement today from the group.
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The delinquency rate for loans in U.S. commercial mortgage-backed securities rose 12 basis points in June to a record 10.16%, according to Trepp.
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Spanish and Portuguese banks lead their European peers in buying back their own mortgage-backed securities to raise their capital, which also can serve as collateral for loans from the European Central Bank.
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Only about one-quarter of investors in commercial mortgage-backed securities are expected to be repaid on European loans due to mature in July, according to Fitch Ratings.
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Market officials say sterling-denominated deals will be “a very important sector” in the face of sustained eurozone uncertainty during the second half of 2012, as U.K. lender Virgin Money rounded off a busy June by pricing its Gosforth 2012-1 residential mortgage-backed trade. -
July is set to be another difficult month for CMBS, as many of the €2.5bn of maturing loans are expected to be extended, and the prospects for primary supply wane.
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The European economic crisis has had little impact on the European structured finance sector, with a default rate of only 1.02% for vintage mid-2007 notes, according to Standard & Poor’s. S&P also reported that consumer-related securitizations have outperformed those backed by loans to corporations.
