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New deal types offer lower funding costs for property owners
Issuer's £280m deal was cleverly marketed
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Early talk on $3 billion in two new commercial mortgage-backed securitizations timed to hit ahead of the Memorial Day holiday has AAAs near swaps plus 100 basis points, according to investors.
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Deutsche Bank formally rolled out today its widely trailed U.K. commercial mortgage securitization, DECO 2011-E5, with price guidance on the West London, Chiswick Park business center CMBS registering 10 basis points tighter than early market chatter.
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The European Securities and Markets Authority’s new rating agency endorsement regime—a series of stringency tests to determine if credit ratings made outside the E.U. can be permitted into the region—will give some leeway to ratings that fall short of the E.U. standards. The move comes after industry professionals voiced fears that a wholesale block on non-E.U. ratings would trigger disruption to securitization markets.
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Deutsche Bank has announced its long-awaited CMBS, DECO 2011, which will securitise the senior acquisition loan for Blackstone’s purchase of Chiswick Park.
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Redwood Trust expects to issue two more private-label residential mortgage securitization deals this year, Martin Hughes, president and chief executive, told the Senate Banking, Housing & Urban Affairs Subcommittee on Securities in Washington today.
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Barclays Capital has hired Jonathan Wu from JPMorgan as a v.p. in the securitized products origination group.
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The U.K. Financial Services Authority is taking its own view on how the E.U.’s financial markets reforms should be implemented, penning a fresh plan to allow “group” compliance on new rules slated to hit the global securitization industry.
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Deutsche Bank is reportedly pre-marketing the first CRE collateralized debt obligation to hit the market since the downturn.
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Janus Capital Group is looking to restart its investment in the securitization market, promoting John Kerschner to head of securitized products in its fixed-income investments group. He will work with Eric Bernum, structured finance trader.