Second CMBS defaults at final maturity

EuroProp EMC Compartment 1 CMBS defaulted at legal final maturity on Tuesday, becoming only the second European CMBS since the crisis to do so. The special servicer is expected to continue the asset disposal process in the interests of all parties — on the condition that an administrative receiver appointed by courts after the default approves.

  • 03 May 2013
There are still 48 underlying properties out of an original 61 in the portfolio that have not been sold, according to a notice put out by the special servicer in January this year. The latest update, released last week, said the process of selling those assets will continue. ...

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2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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5 TD Securities Inc 241.54 1 3.74%