Latest news
Latest news
Second large office CMBS in quick succession after The Soloviev Group sold a $1.7bn New York office CMBS last week
Funding Circle also placed the mezz notes for its SME loan transaction
9W57 is one of the iconic grade-A office buildings in New York.
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European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal. -
There is a need for differentiation in pricing between seasoned commercial real estate CLO managers and less experienced issuers, speakers said at a CRE Finance Council conference panel on Tuesday.
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CMBS and commercial real estate financiers gathered in New York for the annual CREFC conference on Monday. Shifting demographics in the US and their impact on the shape of the CMBS industry was a key theme that emerged on day one.
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When Ireland’s largest non-bank lender, Finance Ireland, approached the market for its debut term securitization, Pembroke Property Finance, it had to overcome an issue which would have barely occurred pre-crisis — rating agencies which utterly disagreed about the quality of its deal. For S&P, the class ‘D’ notes were a solid A, while its second agency, Fitch, didn’t even consider the tranche investment grade.
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Pepper Money has mandated Citi and National Australia Bank as arrangers for its non-conforming UK RMBS deal Polaris 2019-1, the first securitization of loans originated by Pepper UK in the region and the first from the issuer to be pegged to Sonia.
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Goldman Sachs announced on Friday that it is arranging a £282.8m CMBS named Cold Finance, a refinancing of a single loan to warehouse specialist Lineage Logistics. The deal has five rated tranches including a triple-A rated senior tranche.
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The Securities and Exchange Commission (SEC) said on Thursday that it was charging Robert C. Morgan, a commercial real estate developer who carried out substantial business with the government sponsored agencies' CMBS platforms, with Ponzi scheme-like fraud. The regulator has demanded an asset freeze and other civil penalties.
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Blackstone’s €222.23m Deutsche-led Vivaldi CMBS was priced on Tuesday evening, with senior notes sold at 190bp over three month Euribor, wide of the 100bp mark the issuer was aiming for at price guidance.
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There have been over five CMBS announcements in the past week, making the second quarter of 2019 one of the busiest times in European CMBS since the crisis. But despite the surge of activity, some on the buyside say they are approaching the market with caution.
