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Deal represets second green securitization of a New York office tower this month
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As the US CLO and CMBS markets debate the viability of horizontal versus vertical risk retention, the market is quietly discussing a third solution to this year’s favourite fixed-income conundrum. -
Deutsche Bank priced the first ever single asset CMBS offering to comply with risk retention rules late last week, giving the market the first glimpse of what a deal tied to a single property will look like under the new regulatory regime.
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The US CMBS market has been steadily widening since a summer rally pushed spreads on the bonds to the tightest levels of 2016, with new issue benchmark triple-As widening out by over 20bp since then.
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Barclays has structured a 57 loan CMBS totalling £2.44bn ($3.6bn), which will be largely retained by the bank, just a few days after the Bank of England opened up its Term Funding Scheme to offer low cost liquidity to UK banks.
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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.
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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.
