CMBS

  • SVP Global raises $5bn special situations fund

    SVP Global raises $5bn special situations fund

    Strategic Value Partners has closed its fifth special situations fund at its hard cap of $5bn, as it tries to differentiate itself from other distressed debt funds through direct sourcing.

  • Blackstone UK logistics CMBS sees high demand lower down cap stack

    Blackstone UK logistics CMBS sees high demand lower down cap stack

    Sole arranger Bank of America has added £104.5m to Taurus 2021-4, a UK logistics CMBS sponsored by Blackstone, ahead of pricing on Thursday. The deal had trouble matching subscription levels seen for logistics CMBS at the beginning of the year, but demand came in strong lower down in the capital stack, reflecting a shift in investor preferences as the UK economy reopens.

  • No easy road to recovery for CMBS noteholders after Intu restructuring

    No easy road to recovery for CMBS noteholders after Intu restructuring

    The three-year restructuring plan for four Intu shopping centres is set to see cash poured into London, Nottingham and Glasgow retail hubs after the group collapsed into administration in June 2020. But CMBS noteholders are set to see yields recover to only 60% of the outstanding amount by the time of a likely asset sale, bringing into doubt the prospect of future shopping-centre securtiizations.

  • BofA MENA head transfers to NY FIG team

    BofA MENA head transfers to NY FIG team

    Bank of America's former Dubai-based head of Middle East and North Africa debt capital markets has relocated to New York, where he will be covering DCM for US financial institution clients.

  • Euro ABS pipeline trickles as exhausted market eyes breather

    Euro ABS pipeline trickles as exhausted market eyes breather

    After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.

  • Here comes the story of the Hurricane Energy restructuring plan

    Here comes the story of the Hurricane Energy restructuring plan

    Hurricane Energy’s restructuring plan has been thrown out by the High Court, in a victory for shareholders led by activist fund Crystal Amber, which are now poised to replace the board of the troubled oil drilling firm. The judgement underlines the care with which companies must exercise when seeking to use the new ‘cross-class cramdown’ features of the UK’s restructuring law.

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