CMBS

  • CMBS issuance flows but pre-pandemic loans worry investors

    CMBS issuance flows but pre-pandemic loans worry investors

    CMBS issuers have come back to market in recent weeks, bringing deals structured to entice investors with features meant to withstand the shocks of the pandemic. But investors say that there are still concerns around adding exposure to commercial mortgages written before the crisis.

  • Servicer walk-out clauses left out of Covid-era ABS docs

    Servicer walk-out clauses left out of Covid-era ABS docs

    New ABS contracts are being written to exclude pandemics from the scope of ‘force majeure’ clauses, inserted to allow servicers to step away from their commitments if events outside of their control – such as the outbreak of Covid-19 – stop them from servicing portfolios.

  • Crisis Talk — with Sairah Burki, managing director, regulatory policy at CREFC

    Crisis Talk — with Sairah Burki, managing director, regulatory policy at CREFC

    The fallout from the Covid-19 crisis has touched nearly every economic and employment sector, from the largest corporations to the smallest businesses. The pain has prompted an unprecedented policy response aimed at rescuing economies and markets, and further measures are likely to come. US commercial real estate has been especially impacted, with commercial mortgage lending slowing dramatically, already struggling retailers going dark across the country and a likely rethinking of the use of space following a nationwide experiment in working from home.

  • Goldman conduit sees high demand, LA office next on tap

    Goldman conduit sees high demand, LA office next on tap

    A conduit CMBS deal from Goldman Sachs in the market this week is drawing strong demand from investors eager to buy the first new commercial mortgage bonds in nearly two months, while Morgan Stanley is looking to draw buyers for a Los Angeles office CMBS with some unique protections.

  • Clock ticking for Codere as it defers Thursday coupon payment

    Clock ticking for Codere as it defers Thursday coupon payment

    Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.

  • UK seeks to shelter retailers from rent collection

    UK seeks to shelter retailers from rent collection

    The UK government unveiled proposals last week meant to protect retailers from liquidation if the coronavirus lockdown results in them being unable to pay rent. Landlords already bloodied and bruised from years of tenants negotiating debt writedowns, are next in line though if rental cashflows cease.

  • UK CMBS market not pinning hopes on government support

    UK CMBS market not pinning hopes on government support

    British retail lobbying groups are clamouring for government support as tenants struggle to cover rent in the month since the lockdown began. But market players say help for the sector is unlikely, and CMBS is preparing for widespread delinquencies as the shutdown extends.

  • Fed extends TALF support to CMBS, CLOs

    Fed extends TALF support to CMBS, CLOs

    The Federal Reserve on Thursday announced that the Term Asset Backed Lending Facility (TALF) will be expanded to include triple-A rated CMBS and CLO paper as eligible collateral, part of another sweeping set of relief measures to support the economy as damage from the virus pandemic mounts.

  • Rating agencies downgrade raft of UK, Italian CMBS

    Rating agencies downgrade raft of UK, Italian CMBS

    Fitch Ratings has downgraded bonds from three UK CMBS transactions, while also lowering ratings for three Italian CMBS deals, as the sector continues to suffer the effects of the coronavirus pandemic.

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