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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The single loan securitized in Morgan Stanley’s Ulysses (ELoC 27), a £429 million ($676.6 million) U.K. commercial mortgage-backed securitization, has entered into special servicing after it defaulted on its last investor payment date.
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Europe’s commercial mortgage-backed securities market has entered unchartered territory after Eurohypo’s Opera Finance (Uni-Invest), the troubled Dutch property securitization, this week became the first CMBS in the region to reach bond maturity without paying off.
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Law firm Chapman and Cutler last week hired six lawyers from the Washington D.C.-based structured finance team of Orrick, Herrington & Sutcliffe, with expectations of adding four more to the group in the next week or two, according to Chapman chief executive partner Tim Mohan.
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Ratings of investment-grade European commercial mortgage-backed securities could become “increasingly vulnerable” to downgrades as legal final maturity approaches, warns Fitch Ratings.
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Ulster Bank, the retail mortgage subsidiary of the Royal Bank of Scotland, has opted not to call the bonds from its Celtic residential mortgage-backed program.
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Minutes of the FSA’s Securitisation Standing Group meeting in November show the UK regulator concerned about sharp practice in European ABS.
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One loan from a recent Freddie Mac commercial mortgage-backed securities deal has gone into special servicing, and several more securitized across a handful of deals may follow, according to Deutsche Bank and Credit Suisse researchers.
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Deutsche Bank last week priced its £210 million commercial mortgage-backed securities deal, DECO 2012-MHILL, and though market players saw the deal as an improvement from the bank’s last issue, it doesn’t indicate that the market is thawing.
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The special servicer for Credit Suisse’s Titan Europe 2007-2 securitization has agreed to a standstill for the borrower under the Caprice Loan through March 18, according to a filing with the Irish Stock Exchange.