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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New York-based law firm Dechert has expanded its structured finance capabilities, hiring Laura Swihart, a partner at Winton & Strawn and a specialist in commercial mortgage-backed securities.
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Credit Suisse is bringing back its loan origination and new issue commercial mortgage-backed securitization platform two years after cutting the desk.
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Securitization markets in Europe are predicted to continue to recover in 2011, though wider macroeconomic changes will subdue issuance volumes, industry pros are forecasting.
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U.K.-based commercial property manager MEPC plans to prepay £102 million ($158.8 million) of the £470 million ($731 million) loan securitized in Eurohypo’s Opera Finance (MEPC) commercial mortgage-backed securitization.
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New issue subordinated pieces of commercial mortgage-backed securities and junior classes of collateralized loan obligations are tipped as attractive trades next year, according to a senior trader.
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Italy-based Banca Monte dei Paschi di Siena is primed to price its €1.67 billion ($2.34 billion) Casaforte Italian CMBS on Dec. 17 and close the notes Dec. 22, with the trade set to be publicly sold to the bank’s retail investors, rather than to the broader European ABS investor base.
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Gatak Real Estate has upped its tender offer to buy back senior bonds in the £188 million ($305.5 million) Alburn Real Estate Capital (REC) 6 deal.
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Highcross and Gatak Real Estate have boosted their tender offer to the noteholders of the troubled Alburn Real Estate Capital 6 (REC 6) CMBS, giving class ‘A’ noteholders an extra 5% and adding an equity participation option for noteholders that don’t want to cash out. But with two blocking stakes in the class ‘A’s, the borrower may have to put more on the table.
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Matthew Natcharian, managing director at Babson Capital Management, says collateralized loan obligations offered with original issue discounts are a key to attracting investors in the post-crisis primary market. Natcharian, one of the market’s most active buyers of CLO tranches, said recent deals are bolstered by stronger structures than older vintages, but that total returns in the primary market could use the OID lift.
