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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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Smaller investors in Europe are expecting appetite and competition to be fierce when Deutsche Bank issues its upcoming European commercial mortgage securitization, the region’s first true CMBS to launch since the collapse of Lehman Brothers.
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Deutsche Bank is restructuring its entire U.S. securitization trading platform, unifying all structured finance trading and related derivatives under a single umbrella, according to officials close to the move.
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Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
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The recent defaults suffered by the underlying loan backing the €1.01 billion ($1.36 billion) Opera (Uni-Invest) Dutch commercial mortgage-backed securitization have heightened industry fears that the deal, whose bonds are set to mature in February 2012, could become the first CMBS to date to reach maturity without being paid off.
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Commercial mortgage-backed securities spreads tightened steadily last week despite the most active month of issuance in more than a year.
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Syndication officials are changing their marketing techniques to sell newly structured commercial mortgage securitizations to U.S. investors, providing the buy-side with loan-level data tapes and more transparent term sheets.
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Alburn Real Estate Capital, the borrower in the stalled Real Estate Capital 6 commercial mortgage-backed securitization, has pitched three restructuring plans to investors in a move to resolve the deal after its tender offer to buy back the notes collapsed last month.
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Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
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Inversiones Alsacia, a Chilean bus concession company, launched an innovative $464m securitisation this week. The 7.5-year deal was priced at 8%, with Bank of America Merrill Lynch, JP Morgan and Pierce, Fenner & Smith lead managing.