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Latest news
Deal backed by renovated center in Kansas City would be widest so far at that level
Last week EQT priced $985m of industrial paper to fund an acquisition
UK bank is selling a $548.27m issue
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Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
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The recent defaults suffered by the underlying loan backing the €1.01 billion ($1.36 billion) Opera (Uni-Invest) Dutch commercial mortgage-backed securitization have heightened industry fears that the deal, whose bonds are set to mature in February 2012, could become the first CMBS to date to reach maturity without being paid off.
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Commercial mortgage-backed securities spreads tightened steadily last week despite the most active month of issuance in more than a year.
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Syndication officials are changing their marketing techniques to sell newly structured commercial mortgage securitizations to U.S. investors, providing the buy-side with loan-level data tapes and more transparent term sheets.
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Alburn Real Estate Capital, the borrower in the stalled Real Estate Capital 6 commercial mortgage-backed securitization, has pitched three restructuring plans to investors in a move to resolve the deal after its tender offer to buy back the notes collapsed last month.
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Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
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Inversiones Alsacia, a Chilean bus concession company, launched an innovative $464m securitisation this week. The 7.5-year deal was priced at 8%, with Bank of America Merrill Lynch, JP Morgan and Pierce, Fenner & Smith lead managing.
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Legacy CMBS deals are becoming more and more acrimonious, as CMBS investors lose patience with extensions and waivers. Noteholders in deals like REC 6 and Opera Finance (Uni-Invest) are struggling to find solutions that will return their principal, while borrowers exploit the divisions between noteholder classes to get more favourable terms. At the same time, a new generation of CMBS deals will seek to avoid the mistakes of the past, and the workout of White Tower 2006-3 shows that with the right conditions, investors will get their money back.
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Mill Valley, Calif.-based Redwood Trust, the sponsor of the year’s first private-label residential mortgage securitization, shifted from one ratings agency to another in order to get a better rating on its Sequoia Mortgage Trust 2011-1.
