Latest news
Latest news
Shelf’s first 10 year deal since 2017 finds strong reception amid duration scarcity
This is the first wholly retail-backed CMBS of 2025
Participants see issuance pace of RMBS and CMBS to persist as spreads grind in despite macro risks
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Taurus 2018–IT, a Blackstone sponsored CMBS secured on Italian real estate and led by a Bank of America Merrill Lynch, achieved tight pricing on Tuesday across the capital structure, demonstrating investor demand for rare European CMBS paper. -
Wells Fargo and Barclays priced their latest conduit CMBS deal on Tuesday, with senior spreads at the wide end of the recent range. With just one more conduit deal in the pipeline, some analysts expect light volumes to drive spreads tighter.
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Eddystone Finance plc, one of Sainsbury’s two pre-crisis sale leaseback securitizations, has been fully repaid according to a quarterly bond report published this month. The news comes as the grocery chain announces plans to merge with domestic competitor Asda.
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Investors are lining up to buy the bonds across the capital stack in the third European CMBS transactions of the year.
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Four new CMBS deals are in the works this week, with three backed by single loans. A slowdown in refinancing opportunities, rising rates and fewer issuers are keeping a lid on conduit issuance, although investors say this is helping to maintain underwriting standards.
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Citi’s co-head of CMBS Paul Vanderslice, who had been with the bank for over 25 years, has left to become chief executive officer of Cantor Commercial Real Estate.
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KKR Real Estate Finance Trust announced on Wednesday that it had sold almost 90% of its portfolio of CMBS ‘B’ piece investments, with a dedicated ‘B’ piece fund now doing the bulk of the firm’s buying in that area.
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Bank of America Merrill Lynch announced the latest European CMBS on Thursday, a €300m offering backed by three loans secured on Italian commercial properties.
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The first CMBS deal in the new quarter was priced last Friday, with the senior bonds coming 5bp tighter than the previous offering in the market. With deal supply slowing after a surge in March, the worst of a recent patch of spread widening should be over, said Bank of America Merrill Lynch analysts.
