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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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A no-deal Brexit has the potential to cleave the European securitization market by seeing different rules apply in the the UK — its largest component — from the rest of the EU. Tom Brown reports. -
Bank of America Merrill Lynch is bringing a £318.1m CMBS, a refinancing of Taurus 2017-2, comprising five tranches offering a floating rate coupon over three month Libor.
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Unsecured creditors to German engineering firm Galapagos swooped in at the last minute on Friday to stop a sale of the business that would have wiped out their claims. One of the funds fighting this corner is the credit opportunities fund raised by former Deutsche Bank securitization boss Elad Shraga.
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A Barcelona-headquartered paper company wants to focus on higher-margin specialist papers but it is floundering to find the money needed for a turn-around after the European Union delivered a blow that sent its bonds sliding.
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Issuers launched two conduit CMBS transactions on Friday at the widest spreads seen so far in 2019, battered by the week’s macroeconomic volatility and headlines around interest rates and trade wars.
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CMBS issuers are set to open up the primary market in August this week with four conduit transactions and a single borrower deal totaling just over $5bn, in what is likely to be a last burst of CMBS issuance for the summer.
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Man GLG, the investment management business of Man Group has hired Patrick Kenney and Santiago Pardo, both of whom will focus on non-US stressed, distressed and opportunistic credit globally.
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The EMEA CDS determinations committee will rule on whether German heat exchanger manufacturer Galapagos defaulted on its bonds by missing coupons on June 15. The committee will meet on Friday to decide whether a “failure to pay” event has occurred.
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Hoist Finance, a Sweden-based debt restructuring firm, has been marketing its debut securitization — an essential move in the firm’s attempt to recover from a regulatory broadside which landed last year.
