CMBS

  • Better not to know: retail CMBS deal skips valuation

    Better not to know: retail CMBS deal skips valuation

    Kanaal, a CMBS backed by shopping centres in the Netherlands, will skip this year’s property valuation for the largest loan, as “any valuation obtained in 2020 would not give a true representation of the market value that will be used for testing of the loan to value covenant”.

  • Blackstone-backed social housing group preps CMBS debut

    Sage Housing, the for-profit social housing landlord owned by Blackstone, is marketing its first CMBS issue through Deutsche Bank — a sharply different approach to financing from its housing association peer group, which usually issue ultra-long secured corporate bonds rather than true securitizations.

  • No ‘kicking the can’ for European CMBS, says servicer

    No ‘kicking the can’ for European CMBS, says servicer

    CMBS investors are not in favour of long term waivers for distressed transactions, and may expect the sponsor to inject additional equity into a deal in return for waiving defaults, said panellists speaking at S&P’s European Structured Finance Virtual Conference 2020.

  • UK retail is injured but it has ripped off the plaster

    UK retail is injured but it has ripped off the plaster

    The coronavirus has been seen in some quarters as the final nail in the coffin for the long suffering UK retail sector. But having embraced e-commerce earlier than elsewhere, the sector may learn lessons from the crisis faster and emerge stronger, which means UK CMBS holders might not be in as bad a spot as they imagine.

  • Demand for CMBS aid grows on Capitol Hill

    Demand for CMBS aid grows on Capitol Hill

    The US commercial mortgage backed securities (CMBS) market has lacked the kind of extensive government support that other asset classes have received, though data shows it is experiencing difficulties. But some are optimistic that the US government will provide aid for the market in its next round of Covid-19 relief measures.

  • Corona crisis plunges UK university assets into uncertainty

    Corona crisis plunges UK university assets into uncertainty

    UK universities face financial peril. Having been shuttered due to the coronavirus pandemic, some risk going bust, according to the Institute for Fiscal Studies (IFS). Meanwhile, as accommodation operators grant refunds to students who are locked out and locked down, CMBS deals backed by student accommodation may survive, if sufficient numbers return to residences when the next academic year begins. Silas Brown and Tom Brown report.

  • Thompson & Knight adds trio of MBS attorneys

    Thompson & Knight adds trio of MBS attorneys

    Thompson & Knight has hired three litigation attorneys, Keith Brandofino, Maximiliano Rinaldi and David Mignardi, to bolster the commercial real estate and loan servicing business in the firm’s New York office. All three attorneys join from Kilpatrick Townsend.

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