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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Bankers are predicting a future private label residential mortgage securitization market where sell-side real estate investment trusts are set up to issue bonds bought by other buy-side REITs, specifically created to take RMBS exposure.
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Market players in London say pricing on Deutsche Bank’s DECO 2011-CSPK securitization, expected Friday, might be too aggressive.
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Brussels-based Dexia Bank’s decision to accelerate the liquidation of its $9 billion legacy U.S. subprime residential mortgage securitization portfolio will further hamper trading on the secondary market, according to a fixed-come head at a major bank.
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The primary market for U.K.’s residential mortgage-backed securities is set to swell with deals over the course of the year, as more first-time and return issuers look to tap renewed appetite for securitization among investors, market players said.
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Bank investors are expected to drive record tights on Barclays Capital’s final resecuritization of legacy National Credit Union Administration collateral, a $2.21 billion residential mortgage securitization called NCUA Guaranteed Notes Trust (NGN) 2011-M1.
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Spreads across European structured finance have continued to tighten in recent weeks, but the busy trading in secondary markets is forecast to take a pause, according to one senior ABS trader in London.
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Fitch Ratings has said that Deutsche Bank’s DECO 2011 CMBS, the first European CMBS since the crisis, would not achieve triple A under its methodology. The agency was asked to offer preliminary feedback on the deal but was not asked to rate the deal. S&P and DBRS have provided ratings.
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The volume of loans in U.S. commercial mortgage-backed securities entering special servicing continues to shrink, according to Fitch Ratings.
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Banks have reduced lending. The Federal Reserve Bank reported bank lending to small business is at its lowest level in years.