CMBS

  • Virus crash grips private label mortgage markets

    Virus crash grips private label mortgage markets

    The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.

  • CMBS double loan default bodes ill for UK shopping centres

    CMBS double loan default bodes ill for UK shopping centres

    A loan backing a post-crisis UK CMBS has suffered its second event of default (EOD) in 12 months, after being cured once. The Maroon Properties backing the deal saw a valuation decrease of £17.1m, triggering a loan to value covenant breach on Wednesday.

  • ABS cheers TALF 2.0 but bemoans limited scope

    ABS cheers TALF 2.0 but bemoans limited scope

    The Federal Reserve continued its roll-out of initiatives to support the economy through the Covid-19 crisis this week, including the revival of the term asset-backed loan facility (TALF). However, market participants say the program is incomplete as long as it omits certain asset classes, specifically private label CMBS, and worry that some sectors will buckle without the support of the central bank.

  • UK lockdown could spring cash traps on £1bn of CMBS

    UK lockdown could spring cash traps on £1bn of CMBS

    Around £1bn worth of CMBS deals could be subject to cash traps, withholding payments to certain parties in the transaction, in coming months with the UK in lockdown to stop the spread of coronavirus.

  • CMBS has big exposure to airline, oil and gas industries

    CMBS has big exposure to airline, oil and gas industries

    The US CMBS market, with its heavy dependence on corporate tenants to keep the cash flows to bond holders coming, is being buffeted by the turmoil stemming from the crisis in recent weeks, with the market exposed across dozens of deals to two particularly ailing sectors — airlines and oil and gas firms.

  • RMBS in the spotlight as more UK banks offer mortgage relief

    RMBS in the spotlight as more UK banks offer mortgage relief

    Lloyds is among several lenders to announce that it will join NatWest, TSB and Nationwide in allowing borrowers affected by the coronavirus to take payment holidays on their mortgages, but that has raised legal questions for RMBS deals if borrowers require deferrals beyond the three month relief period.

  • New name makes debut in conduit CMBS market

    New name makes debut in conduit CMBS market

    Commercial real estate finance firm Sabal Capital Partners came to the market this week with its first conduit CMBS transaction, a debut in a market dominated by the largest US and European banks.

  • Goldman preps CMBS to finance Thai conglomerate’s UK hotel buy

    Goldman preps CMBS to finance Thai conglomerate’s UK hotel buy

    Goldman Sachs has announced a deal called Magenta CMBS to finance Thai conglomerate DTGO Corporation’s purchase of 17 regional hotels across the UK from Marathon Asset Management. The deal is the first CMBS linked to Sonia, with the commercial real estate market proving slower than consumer assets classes to switch from Libor.

  • Futura notes a rare chance to buy Italian NPL seniors

    Futura notes a rare chance to buy Italian NPL seniors

    Barclays and JP Morgan were this week marketing the senior notes of Futura 2019 for Guber Banca and Varde at mid-300bps over six month Euribor. The deal gives investors a rare chance to buy publicly syndicated investment grade exposure to Italian non-performing loans.

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