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Single asset, single borrower deals drove the US CMBS market in 2025, particularly on New York City collateral as office attendance rose. With interest rates predicted to fall further in 2026, market participants are looking forward to a greater variety of deals on commercial real estate from other cities and sectors, writes Pooja Sarkar
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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The three-year restructuring plan for four Intu shopping centres is set to see cash poured into London, Nottingham and Glasgow retail hubs after the group collapsed into administration in June 2020. But CMBS noteholders are set to see yields recover to only 60% of the outstanding amount by the time of a likely asset sale, bringing into doubt the prospect of future shopping-centre securtiizations. -
Real estate asset manager Blackstone has mandated Bank of America for Taurus 2021-4, a UK logistics CMBS.
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Bank of America's former Dubai-based head of Middle East and North Africa debt capital markets has relocated to New York, where he will be covering DCM for US financial institution clients.
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Viridis, the £148m Brookfield and China Life-sponsored CMBS backed by Aldgate Tower in central London, is set to be priced towards the wide end of initial price thoughts.
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After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.
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Hurricane Energy’s restructuring plan has been thrown out by the High Court, in a victory for shareholders led by activist fund Crystal Amber, which are now poised to replace the board of the troubled oil drilling firm. The judgement underlines the care with which companies must exercise when seeking to use the new ‘cross-class cramdown’ features of the UK’s restructuring law.
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Morgan Stanley is refinancing a loan secured on the Aldgate Tower in London, which hosts Uber and nine other tenants, marking the first time the market has tested investor appetite for London office-backed CMBS since the Covid-19 outbreak.
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Sub-Saharan Africa's Ghana has secured a €280m social loan from commercial lenders and credit agencies. The loan, the kind of which has not been seen in Africa, will support the development of the country's transport infrastructure.
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ABS lawyers are asking issuers to resist taking advantage of a legal loophole left via a regulatory quirk, where a number of CLO and CMBS deals are technically exempt from switching data over to the securitization repositories approved by the European Securities and Markets Authority (ESMA) on Friday.
