Latest CMBS news
The Federal Reserve Bank of New York said on Tuesday it had completed the sale of the remaining securities in the $30bn Maiden Lane LLC portfolio of mortgage securities it bought to facilitate JP Morgan’s acquisition of Bear Stearns in March 2008.
One of the biggest conduit deals of 2018 is in the market this week, backed by around $1.6bn of retail and office properties across the US, according to term sheets seen by GlobalCapital.
Greystone Health has come to market this week with Greystone CRE 2018-HC1, a commercial real estate CLO backed by a $249.2m portfolio of loans on healthcare assets, including transitional loans for independent living facilities, assisted living facilities and skilled nursing facilities.
Fannie Mae has issued a credit insurance risk transfer (CIRT) deal tied to an $11bn pool of multifamily loans, kicking off what the government-sponsored enterprise says will be a regular issuance program going forward.
Deal flow is picking up across US structured products midweek, with investors offered a smattering of securitized assets including a Sallie Mae private student loan deal and a non-agency RMBS offering from Flagstar.
According to regulatory filings with the SEC, JPMorgan plans to securitize a loan to Midwestern indoor waterpark operator Kalahari Resorts in SLIDE 2018-FUN, a single asset-single borrower CMBS deal backed by a three year loan that will help expand its recreational compound in Pocono Manor, Pennsylvania.
Flanked by mounting competition from other sources of funding and a growing preference from investors for short dated securities, the top of the of CMBS capital stack is struggling to generate demand.
European commercial real estate is posting strong returns, said Green Street Advisors in a note this week, with the real estate research and data company eyeing greater upside in European property markets compared to US counterparts.
Sole arranger Santander is out with an RMBS deal from its Holmes master trust, with two dollar tranches available as the bank hopes to tap strong US demand and further diversify its investor base.
CMBX spreads widened over the past week on the back of negative retail headlines from retailers such as JCPenney and Macy’s, marking the latest turn of the screw in what some have called this credit cycle’s Big Short.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||8,059||25||11.72|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||77,027.41||213||9.60%|
|4||Wells Fargo Securities||67,146.17||186||8.37%|