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Latest news
Deal backed by renovated center in Kansas City would be widest so far at that level
Last week EQT priced $985m of industrial paper to fund an acquisition
UK bank is selling a $548.27m issue
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Fannie Mae has tentatively scheduled its next risk-sharing mortgage-backed securities deal for January. Meanwhile, Barclays’ head of residential and commercial credit strategy Sandeep Bordia is set to tell a Senate panel that the government sponsored enterprises should increase the pace of issuance and include riskier collateral in their future risk-sharing deals to meet investor appetite.
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Aeroporti di Roma entered the bond market as an unsecured issuer on Thursday, with a €600m no-grow bond that will partly refinance a 10 year old securitization. The success of the deal encouraged Ferrovie dello Stato, the state railway company, to press ahead with its own issue, also €600m.
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Goldman Sachs found enough investor demand to price all three tranches of its Italian CMBS, Gallerie 2013 Srl, at the tight end of — or inside — guidance. The deal has added to market expectations of even greater CMBS supply next year.
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The improving fundamental performance of European commercial real estate is expected to continue and move beyond prime properties and into second tier assets next year, according to Moody’s. The rating agency still expects, however, that the majority of outstanding CMBS loans maturing next year will not be repaid.
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Goldman Sachs found enough investor demand to price all three tranches of its Italian commercial mortgage-backed securities deal, Gallerie 2013 Srl, at the tight end of —or inside — guidance.
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Fitch Ratings is shining the spotlight on what analysts there say is a troubling new trend in the commercial mortgage-backed securities market. “Originators’ enthusiasm to maintain volumes are putting pressure on securitizations to come to market quickly, raising the risk of errors in loan oversight,” said Fitch managing director Huxley Somerville in a report Monday. -
The rapid pace of mortgage servicing rights transfers could slow next year as non-bank servicers digest their recent bulk purchases of banks’ riskiest loans, but rising interest rates are likely to precipitate an uptick in MSR sales for prime and agency-backed loans.
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The improving fundamental performance of European commercial real estate is expected to continue and move beyond prime properties and into second tier assets next year, according to Moody’s. The rating agency still expects, however, that the majority of outstanding CMBS loans maturing next year will not repay.
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Firms hoping to issue residential mortgage-backed securitizations backed by non-qualified mortgages may be able to do so, but it’s going to cost them, according to analysts at Moody’s Investors Service.
