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
More articles
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The European Central Bank’s purchasing programme is having an unwelcome impact on covered bonds, but the market will remain an intrinsic component of bank financing, and will evolve with new products and structures. Bill Thornhill reports. -
Participants in the agency CMBS market have been caught off guard by a proposed rule that lumps them in with single family mortgages and would require them to post margin against future multifamily securitizations.
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A rule to be published next month that is set to ramp up the cost of holding inventory for ABS dealers could seriously hamper secondary trading, hastening the retreat of banks from market making in more capital intensive sectors.
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Spreads on the latest conduit CMBS offering from Morgan Stanley and Bank of America Merrill Lynch tightened considerably from guidance, as investors paid up for full ratings on all of the deal’s publicly offered classes.
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Colony American Finance has priced its first multiborrower single family rental securitization, widening all but the senior tranche from initial guidance.
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Issuers of three deals this week have tapped Moody’s to rate a part of the CMBS capital stack that the agency has been absent from for months.
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CMBS observers were greeted on Tuesday morning with the news that one of the longest running commercial real estate sagas was finally coming to an end, as Blackstone Group stepped in with the winning bid for the troubled Stuyvesant Town Peter Cooper village complex in Manhattan.
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Benchmark CMBS continued to hover at their widest levels since 2013 this week. The latest conduit deal was priced on Wednesday at 125bp over swaps for the super senior class.
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ABS investors have little to worry about from the impact of long-term oil prices flattening out at just above $40 a barrel, said JP Morgan this week.
