I'll believe it when I C(MBS) it

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I'll believe it when I C(MBS) it

Static caravans with beach views on a coastal holiday park near Burton Bradstock, Dorset, England. Winter (February) 2011.

George Smith and Tom Hall discuss a pair of CMBS deals and whether you can trade an SRT



CMBS issuance is breaking records. Is this the start of a deep and diversified market for European sponsors and investors? After years of false starts, there’s certainly lots of deal action to be positive about.

CMBS probably hasn’t quite shed its “first out, last back in” tag, but, as Tom Hall reports here, Bank of America landed a great trade last week, while Blackstone is said to be lining up another. There is an increasing diversity of sponsors on show in primary, with Starwood behind the BofA trade.

Others are beginning to find their way out of tricky spots. Meanwhile, bondholders don’t seem keen to snatch away the keys. CRE activity is picking up more broadly, with other financing routes such as back leverage also said to be busy.

The European Commission’s wave of regulatory proposals may not do quite as much for CMBS as they do for other asset classes, but the market still awaits proposals on the all-important insurance capital rules in Solvency II.

But, for now, the market is good, and if it stays that way, expect more action in H2.

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