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Latest news
Senior lawyer joins firm's Los Angeles office as partner
George Smith and Tom Hall discuss a pair of CMBS deals and whether you can trade an SRT
Bank premarketing 10-year conduit as supply-demand technical favors sector
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The fallout from the Covid-19 crisis has touched nearly every economic and employment sector, from the largest corporations to the smallest businesses. The pain has prompted an unprecedented policy response aimed at rescuing economies and markets, and further measures are likely to come. US commercial real estate has been especially impacted, with commercial mortgage lending slowing dramatically, already struggling retailers going dark across the country and a likely rethinking of the use of space following a nationwide experiment in working from home. -
A conduit CMBS deal from Goldman Sachs in the market this week is drawing strong demand from investors eager to buy the first new commercial mortgage bonds in nearly two months, while Morgan Stanley is looking to draw buyers for a Los Angeles office CMBS with some unique protections.
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Ratings issued on Monday for a conduit CMBS deal from Goldman Sachs show that the bank is preparing to re-enter the market, bringing a $771.8m deal built to withstand some of the risks posed to commercial real estate by the coronavirus pandemic.
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Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.
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The UK government unveiled proposals last week meant to protect retailers from liquidation if the coronavirus lockdown results in them being unable to pay rent. Landlords already bloodied and bruised from years of tenants negotiating debt writedowns, are next in line though if rental cashflows cease.
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British retail lobbying groups are clamouring for government support as tenants struggle to cover rent in the month since the lockdown began. But market players say help for the sector is unlikely, and CMBS is preparing for widespread delinquencies as the shutdown extends.
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The Federal Reserve on Thursday announced that the Term Asset Backed Lending Facility (TALF) will be expanded to include triple-A rated CMBS and CLO paper as eligible collateral, part of another sweeping set of relief measures to support the economy as damage from the virus pandemic mounts.
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Fitch Ratings has downgraded bonds from three UK CMBS transactions, while also lowering ratings for three Italian CMBS deals, as the sector continues to suffer the effects of the coronavirus pandemic.
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The CMBS market is preparing to face a potential wave of missed loan payments in April, with 2,600 CMBS borrowers requesting some sort of relief in March, according to Fitch Ratings.
