Latest news
Latest news
Deal refinances three banks' loans for $1.3bn acquisition
Barclays is holding the risk retention for the deal
Deal includes $760m of triple-A notes guided at 105bp
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Palmer Square Capital Management is looking to 2016 to expand its reach into CMBS, as widening spreads over the past six months make the space more attractive compared to other securitized products.
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Annelise Osborne, senior vice-president and co-head of CMBS conduit surveillance for Moody’s Investors Service, was let go from the rating agency this week amid a dispute over her nomination to the board of furniture retailer Ethan Allen.
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Investors are buckling under the weight of CMBS issued over the past week, as spreads on the top rated bonds are being pushed out again after briefly settling into a range earlier this month. -
A number of structural trends have emerged in the CMBS market in 2015, the latest of which is the structuring of two triple-B rated tranches, as issuers look to mitigate some of the widening that has taken place in the lower rated tranches over the last quarter.
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The latest single family rental ABS offering, the $301m multiborrower B2R 2015-2, is being pitched at wider spreads than the last deal in the asset class.
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Investors, traders and analysts agreed this week that the mood in CMBS was decidedly more upbeat than it had been in months, as the widening trend slowed and spreads settled into a range.
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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.
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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.
