Latest news
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Participants see issuance pace of RMBS and CMBS to persist as spreads grind in despite macro risks
Deal priced at tight end of initial pricing
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Clifden IOM engaged in an “unprincipled asset grab” when it hurriedly arranged the appointment of a deal administrator for the Fairhold transaction, a High Court judge said on Friday. The real estate investment firm was defending an injunction sought by Fairhold, a pre-crisis distressed CMBS, and note trustee Global Loan Agency Services Ltd (GLAS) to prevent Clifden’s appointment of administrators. -
Instead of acting as the saviour of noteholders, Clifden was simply to trying to profit from the hurriedly arranged pre-pack administration of Fairhold, a pre-crisis CMBS now in distress, according to a judge in the UK High Court on Friday. It was an ‘unprincipled asset grab’, the judge told the court on the concluding day of the hearing.
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Clifden IOM’s claims to have appointed administrators to Fairhold Securitisation Limited, a CMBS issuer, were “fanciful” and “incredible” a court heard on Wednesday.
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Kroll Bond Rating Agency this week highlighted the growing exposure CMBS investors have to WeWork, the coworking space company the business model of which has been criticised by some investors for being front loaded with short-term risk.
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Primary euro ABS slowed to a trickle in August as investors take their summer holidays but Bank of America Merrill Lynch surprised the market on Tuesday with a CMBS exit for a sterling loan it originated in April.
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CMBS bondholders and commercial real estate lenders are exhaling with relief following news that Brookfield Asset Management closed a lease on 666 Fifth Avenue, which is currently owned by Kushner Companies. Brookfield will pay upfront for the lease, helping Kushner Companies pay off more than $1bn in CMBS debt that helped finance the building’s acquisition in 2007.
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Commercial brokerage firm Cushman & Wakefield closed an initial public offering on Thursday, becoming the latest real estate firm to go public this year as many mull how to make the best of a market that is still delivering substantial returns, but showing a few signs of wobbling.
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The Federal Housing Finance Authority (FHFA), which regulates and oversees Fannie Mae and Freddie Mac, has seen better summers.
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US real estate, especially in 'gateway' markets such as New York and San Francisco, has proved a safe harbour for global investors looking to park their money but the long-standing trend may be reversing.
