Latest CMBS news

  • Italian NPL supply likely to be down in 2019, but UTPs step forward

    Bank of America Merrill Lynch's securitization research team said that they expect Italy’s NPL issuance volumes for 2019 to be lower than last year’s levels, despite the renewal of the Garanzia Cartolarizzazione Sofferenze (GACS) scheme and provisions added to encourage securitization of unlikely to pay (UTP) assets.

    • 16 Apr 2019
  • Taurus CMBS execution defies rating agency spat

    Despite a spat between the rating agencies over a French CMBS, execution on the deal looks like a blowout success, with the final senior spread tightened down to 90bp and the deal still 2.6 times done. Fitch argued that the trade should be treated as credit-linked to EDF, the only tenant, which would have capped the rating at A-, but investors disagreed.

    • 28 Mar 2019
  • Goldman says go short on CMBX

    A note published by two Goldman Sachs researchers this week recommended that investors go short on CMBX triple-As as the commercial real estate cycle eventually turns and spreads blow out on the CMBS bonds referenced by the index.

    • 21 Mar 2019
  • Small balance lender starts private CMBS conduit

    Sabal Capital Partners, a small balance commercial real estate lending company, has started a private CMBS conduit, with the aim of aggregating collateral and issuing a securitization by the end of this year.

    • 05 Mar 2019
  • Former Berlusconi assistant derails Deutsche CMBS

    The repayment of the first European multi-loan CMBS since the crisis is mired in a legal tug-of-war between Blackstone, the deal’s sponsor, and Italian media group RCS, which is chaired by Urbano Cairo, a former assistant to Silvio Berlusconi.

    • 21 Feb 2019
  • US CMBS market grinds tighter after quiet January

    The US CMBS sector is off to a strong start in February following a slower than usual opening to the year, with issuers enjoying heavy oversubscription levels and tight spreads for deals in the market at the start of the week.

    • 11 Feb 2019
  • Low supply drives first 2019 conduit CMBS tighter

    Issuers priced the first two conduit CMBS offerings of the year on Friday afternoon, placing the benchmark triple-A notes at considerably tighter levels compared to the last deal of 2018.

    • 01 Feb 2019
  • CMBS industry eyes rough road ahead in 2019

    While capital markets recover from November and December’s year-end volatility and investors are learning to look on the bright side again, commercial real estate financiers meeting at the annual CREFC conference in Miami this week were dealing with the difficult reality of a potentially overvalued market and more competition to close deals.

    • 15 Jan 2019
  • CMBS market skittish heading into Miami confab

    The US commercial mortgage-backed security (CMBS) market is moving cautiously into 2019, and fears of widening spreads and shrinking market share compared to other forms of real estate debt capital are sure to be on the minds of attendees at the annual CRE Finance Council (CREFC) industry event in Miami next week.

    • 09 Jan 2019
  • Securitization runs hard to keep up with the US consumer

    Consumer spending habits have changed beyond recognition since the financial crisis 10 years ago. US households are more wary of debt and are turning away from many of the traditional avenues of spending that have driven ABS markets for decades. While the market has come back since the depths of the crisis, securitization in 2019 is a different beast.

    • 18 Dec 2018

CMBS news archive

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%