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CMBS

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  • Noreco, or Norwegian Energy Co, has announced plans to restructure its bonds and raise new equity in a private placement. Holders of its Nkr3.1bn (€383m) of bonds would not lose out on face value under the plans, but would receive less interest and longer maturities.
  • Société Générale has hired former UBS head of mortgage-backed securities trading Brian Cohane to head up its MBS trading platform, according to two people familiar with the matter.
  • A sustained surge in demand for Alt-A residential mortgage-backed securities on the secondary market has left investors in the sector with little else to put their money into, as new-issue deals are set to remain scarce in the medium term and spreads on subprime bonds become less attractive, market players say.
  • Parking facilities operator Q-Park has secured two loans from non-bank lenders that will refinance a €300m CMBS that was sold in 2007.
  • Dutch firm F Van Lanschot Bankiers will roadshow a deal from its new Lunet Dutch residential mortgage securitization shelf, which has been designated the bank’s public RMBS program.
  • Parking facilities operator Q-Park has secured two loans from non-bank lenders that will refinance a EUR300 million ($409.9 million) commercial mortgage securitization that was sold in 2007.
  • Parking facilities operator Q-Park has secured two loans from non-bank lenders that will refinance a €300m CMBS that was sold in 2007.
  • JPMorgan issued guidance for its latest conduit midday on Wednesday and the target level indicates that the issuers are brushing off news of the government shutdown and debt ceiling deadline.
  • The issuer in the London & Regional Debt Securitisation (LoRDS) No. 2 U.K. commercial mortgage-backed deal has opened talks with an ad-hoc group of bondholders after the deal reached its loan maturity date.