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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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Fundamental differences between standard commercial mortgage-backed securities pooling and servicing agreements (PSAs) and the U.S. bankruptcy process could be a significant issue in future workouts.
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The commercial mortgage-backed securities market is pushing through significant regulatory and economic headwinds at a better pace than most predicted a year ago, according to industry players.
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Nearly half of the collateral underlying J.P. Morgan’s upcoming $1.1 billion commercial mortgage-backed securities deal may be resecuritizations of loans from older vintage deals, according to Barclays Capital analysts Julia Tcherkassova and Keerthi Rhagavan.
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Even 2007-vintage AM commercial mortgage-backed securities are seeing prices bid up as investors chase yield in a yield-suppressed environment.
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Karen Weaver, formerly the New York-based head of securitization research at Deutsche Bank, has moved to investment management firm Seer Capital Management.
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Royal Bank of Scotland priced a £72m tap of funeral home operator Dignity’s 2003 whole business securitisation, the first non-utility whole business issuance since the credit crisis.
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Securitization lawyers in London say multi-borrower commercial mortgage securitizations are unlikely to be restructured any time soon, despite the recent raft of European CMBS restructuring of deals involving single borrowers.
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Credit enhancement on primary securitizations is set to come down as the economy improves and rating agencies relax their standards.
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Bondholders in Dignity Finance, the whole business securitisation for UK funeral home operator Dignity, are set to vote tomorrow on amendments to facilitate a £72m tap issue.