UK lockdown could spring cash traps on £1bn of CMBS
Around £1bn worth of CMBS deals could be subject to cash traps, withholding payments to certain parties in the transaction, in coming months with the UK in lockdown to stop the spread of coronavirus.
Assets in CMBS deals will be taking a hammering. Even before the official lockdown, average hotel occupancy in the UK had already declined 15% since the outbreak began, while advance bookings have declined by as much as 50%, according to Bank of America research.Those numbers are ...
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