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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Sponsors and originators of securitizations will not be allowed to hedge against the 5% retained slice under the latest guidelines for article 122a of the capital requirements directive II.
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James Martin, director, London-based commercial mortgage-backed securities analyst at Bank of America, has moved to Barclays Capital.
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A cultural rift has reportedly developed in Bank of America’s London-based European structured finance team, leading to the departure of several Merrill Lynch members of the team.
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Tesco stepped up its quasi-CMBS programme this week, almost doubling its last deal to raise £950m backed by 41 UK supermarkets. The retail giant’s deal was effectively the year’s largest sterling corporate bond.
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At the eleventh hour, the restructuring of Fleet Street Finance No 2 has hit a stumbling block. The German CMBS is backed by properties occupied by insolvent retailer Karstadt.
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The long-running saga of Titan 2006-4FS, a UK care home backed CMBS which was among the first to run into trouble in the credit crisis, may be nearing its end. This week the issuer presented a restructuring proposal.
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U.K. supermarket chain Tesco is issuing to third party investors this year’s first newly structured commercial mortgage-backed securities, the £950 million ($1.43 billion) Tesco Property Finance 3.
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The Bank of England has urged smaller U.K. building societies to issue multi originator mortgage-backed securities to solve the country’s estimated £750 billion ($925 billion) refinancing requirement.
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How is trading CMBS today different than it was five years ago? There is significantly more price volatility today. A big part relates to the market meltdown and the anxious disposition of investors postmarket meltdown. In general, there is less overall confidence, which leads investors to want to shoot first and ask questions later. That is not only true for CMBS, but practically all financial markets.