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Issuer's £280m deal was cleverly marketed
Agar previously worked at Guggenheim Securities
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One of Germany’s largest multifamily housing CMBS deals has been successfully refinanced, allowing full prepayment of the €537.12m of outstanding bonds. The deal offers some hope that other CMBS deals can be similarly refinanced by large bank loans, but many CMBS practitioners believe this type of refinancing will prove to be rare.
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Analysts say that in the latest round of stress tests, the Federal Reserve gave better grades to two banks that received rescue funds through the government’s Troubled Asset Relief Program than they deserved by applying a different loan-loss ratio from the one used on other financial institutions.
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The delinquency rate index for U.S. credit cards fell 7 basis points to a record low 2.86% in February, while the charge-off index held steady from the preceding month, according to Moody’s Investors Service.
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JPMorgan Chase is said to have sold $125 million in commercial mortgage-backed securities linked to Manhattan’s 7 World Trade Center.
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A BWIC (bids wanted in competition) built mostly of bonds from Bradford & Bingley’s U.K. buy-to-let and non-conforming residential mortgage-backed program Aire Valley Master Trust surfaced on Thursday.
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Standard & Poor’s has placed $45.4 billion of commercial real estate collateralized debt obligations and re-REMIC transactions on credit watch with negative implications after completing a review of its ratings methodology, sister publication Real Estate Finance Intelligence reports.
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The collateralized loan obligation market faces an “existential threat” in the Volcker rule, says the Loan Syndications and Trading Association, an industry group.
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The delinquent unpaid balance for commercial mortgage-backed securities fell by $1.65 billion in February, the fourth consecutive decrease, according to Morningstar.
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The weighted average loss severity for loans in U.S. commercial mortgage-backed securities liquidated at a loss was a record 41% in the fourth quarter, up from 39.7% in the preceding three-month period, according to Moody’s Investors Service.