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Deal represets second green securitization of a New York office tower this month
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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. -
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.
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The latest Blackstone-sponsored CMBS transaction, FROSN-2018 DAC, drew strong demand from investors across the capital stack, reflecting scarcity value and attractive pricing compared with other European ABS sectors.
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Volkswagen Bank has set guidance for its first auto securitization backed by Italian loans, while initial price thoughts for Finnish CMBS FROSN 2018 DAC have been released.
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New York based fixed income manager Semper Capital Management has launched a new Irish-domiciled £35m mutual fund to allow UK and European investors to invest in the firm’s US mortgage backed securities strategy for the first time.
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After digesting a "wall of maturities" last year, a shortage of collateral is weighing on conduit CMBS volumes. Just one deal has been priced in the last two weeks, although single asset deals and CRE CLOs are running at triple and double last year’s pace.
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Fannie Mae, the world’s biggest green bond issuer, is negotiating with the administrators of the MSCI Bloomberg Barclays Green Bond Index to get more of its green housing loan securitizations included in the benchmark.
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After improving last year, credit metrics in the US CMBS market have worsened in the first quarter of 2018, according to S&P Global Ratings, with new deals showing higher leverage, more interest only loans and lower debt service coverage than last year.
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Volatile equity markets and macroeconomic concerns spilled into CMBS spreads on Friday, with senior bonds priced way off the tight levels seen last month.
