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Non-bank commercial mortgage lender Ladder Capital priced its first commercial mortgage-backed securities (CMBS) transaction last Friday, with investors demanding more spread to compensate for lower credit quality and liquidity compared to bank offerings. -
Single asset single borrower CMBS issuance has picked as spread tightening increases the attractiveness of CMBS financing compared to balance sheet loans.
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A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.
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CMBS issuers are set to flood the primary pipeline with new offerings, including single asset deals backed by retail properties, in a sign that investors have yet to cool to the sector despite a stream of negative headlines around bricks and mortar retail.
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A $185m single borrower CMBS offering is in the market this week, backed by a loan that is part of a larger financing package for a California shopping mall owned by Simon Property Group, with the remaining debt expected to be packaged into future conduit deals.
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Morningstar Credit Ratings has identified the most vulnerable US CMBS loans with exposure to teen fashion chain Rue21, with $100m of CMBS debt said to be vulnerable to default if the company decides to close more stores.
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Multifamily CMBS underwriting standards have been slipping, according to JP Morgan analysts, as growing appetite from the government sponsored enterprises (GSEs) drives competition among agency and private label lenders.
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Goldman Sachs priced a conduit CMBS transaction on Friday, while issuers this week prepare to offer investors another $2.7bn of bonds in a busy run up to the annual CREFC industry conference in the first week of June.
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A $754m CMBS deal backed by a single loan secured by a portfolio of hotel assets hit the primary market this week, with demand for the highly leveraged deal reflective of the widespread bullishness in the wider fixed income markets, say sources.
