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Nomura plans to launch its own conduit during second half of 2026
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Deal represets second green securitization of a New York office tower this month
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Issuers are lining up two new deals in the European primary ABS market this week, with investors set to get a rare exposure to credit card ABS and CMBS paper. -
The much talked about CMBS maturity wave is set to roll in starting in the second half of this year, with more loans coming due per month than the market is currently producing in new origination volume. Yet, Moody’s Investors Service is confident that most loans will be refinanced one way or another.
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JP Morgan and Deutsche Bank priced an $893m conduit CMBS transaction on Thursday at 117bp over swaps for the benchmark triple-A class, the tightest level for a deal so far in 2016.
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CMBS special purpose vehicle White Tower 2006-3 has dropped its UK High Court case against real estate company Colliers International over the valuation of the property portfolio that backed the £1.15bn securitization.
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Holdings of CMBS at primary dealers fell below $6bn in April for the first time since reporting of the data began three years ago, a further sign that some of the largest market makers for the bonds are pulling back.
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The US CMBS market is set to undergo a transformation in 2016, with market participants predicting that the response to new regulation will dramatically change the nature of the market.
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Bank of America Merrill Lynch announced its second European CMBS deal of the year on Thursday, with a €230m deal backed by a loan made to Canadian real estate investment trust Dream Global REIT in December last year.
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Cantor Commercial Real Estate and Société Générale priced a $160m single borrower CMBS offering backed by the Ritz-Carlton South Beach on Tuesday, pricing the triple-A rated senior tranche at 150bp over swaps.
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A dwindling new issue calendar has kept spreads from blowing back out to levels seen in March, as Citi and Goldman Sachs on Wednesday priced a $694.7m conduit offering at 134bp over swaps for the benchmark triple-A class.
