Latest news
Latest news
UBS headquarters among deals in enthusiastic SASB market
Participants expect asset class to stay well bid though some are cautious sentiment could easily change
Bank's fourth five-year conduit CMBS of 2025 was oversubscribed even as it tightened from IPTs
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Lloyds has told GlobalCapital that a lawsuit which could cost it £275m ($357m) does not have merit, and promised to contest the suit vigorously.
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The US House Financial Services Committee, has moved to pass the Financial CHOICE bill, a wide ranging reform of the Dodd-Frank Act which would essentially exempt non-RMBS securitized assets from risk retention.
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Kroll Bond Rating Agency has hired Mauricio Noé to lead a new push into the European market, where it hopes to offer ratings on the whole range of credit types, from public sector to high yield. -
Bondholders in Fairhold Securitisation, a pre-crisis CMBS deal backed by sheltered housing ground rents in the UK, are pushing to tear up a huge swap liability in the structure, which could leave Lloyds and UBS, the swap counterparties, more than £500m out of pocket.
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The senior loans backing German Residential Funding 2013-1 have been repaid, in a move that will hand back nearly €2bn to CMBS investors who bought the deal, with no replacement deal likely.
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Wells Fargo issued the US CMBS market’s first ever risk retention compliant deal last month, retaining a 5% vertical interest which sources this week say will be treated like a loan participation rather than a securitization exposure for the purposes of calculating risk based capital charges.
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Wells Fargo on Thursday launched the first ever risk retention compliant CMBS, bringing the benchmark triple-A class at 94bp over swaps, the tightest level of 2016 and 14bp tighter than the the most recent offering, demonstrating willingness on the part of investors to pay up for deal in which issuers have skin in the game.
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A seller was out on Tuesday afternoon with a $711m list of legacy CMBS senior bonds, pushing volumes in the US secondary market past $1bn for the day.
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The expectation of light deal flow through the summer and into the fourth quarter is pushing spreads on conduit CMBS to the tightest levels of the year, with an issuer this week pricing the latest offering at 108bp over swaps for the benchmark triple-A class.
