No ‘kicking the can’ for European CMBS, says servicer

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By Tom Brown
03 Sep 2020

CMBS investors are not in favour of long term waivers for distressed transactions, and may expect the sponsor to inject additional equity into a deal in return for waiving defaults, said panellists speaking at S&P’s European Structured Finance Virtual Conference 2020.

Serenity Morley, head of primary servicing at Mount Street, said that 30% of real estate borrowers have asked for a waiver, with 37% of that figure in retail and 29% in the hotel sector.

Stress in the European CMBS market has been felt most acutely in those two ...

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