Latest news
Latest news
Participants expect asset class to stay well bid though some are cautious sentiment could easily change
Bank's fourth five-year conduit CMBS of 2025 was oversubscribed even as it tightened from IPTs
Firm’s JSI ETF passes $1bn mark in under two years
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The European Central Bank is offering renewed support to the idea of the EU creating a ‘bad bank’ or an asset management company to manage a flood of non-performing loans engulfing European banks, fuelling expectations that this will be part of the European Commission’s forthcoming NPL strategy. Jon Hay and Owen Sanderson report.
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Bank of America, Société Générale, and BNP Paribas are arranging a multi-jurisdiction CMBS backed by a portfolio of Blackstone-owned logistics properties. -
The Commercial Real Estate Finance Council (CREFC) has hired Christina Perez to its government relations team, bolstering the organization’s education and advocacy initiatives.
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Kanaal, a CMBS backed by shopping centres in the Netherlands, will skip this year’s property valuation for the largest loan, as “any valuation obtained in 2020 would not give a true representation of the market value that will be used for testing of the loan to value covenant”.
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Sage Housing, the for-profit social housing landlord owned by Blackstone, is marketing its first CMBS issue through Deutsche Bank — a sharply different approach to financing from its housing association peer group, which usually issue ultra-long secured corporate bonds rather than true securitizations.
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CMBS investors are not in favour of long term waivers for distressed transactions, and may expect the sponsor to inject additional equity into a deal in return for waiving defaults, said panellists speaking at S&P’s European Structured Finance Virtual Conference 2020.
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The coronavirus has been seen in some quarters as the final nail in the coffin for the long suffering UK retail sector. But having embraced e-commerce earlier than elsewhere, the sector may learn lessons from the crisis faster and emerge stronger, which means UK CMBS holders might not be in as bad a spot as they imagine.
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UK shopping centre owner Intu Properties has fallen into administration, throwing into question the fate of £2.5bn of CMBS notes secured by its real estate.
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The US commercial mortgage backed securities (CMBS) market has lacked the kind of extensive government support that other asset classes have received, though data shows it is experiencing difficulties. But some are optimistic that the US government will provide aid for the market in its next round of Covid-19 relief measures.
