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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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The round of CMBS restructurings continued this week with a 3.5 year extension to the Cannon Bridge loan in Hercules (Eclipse 2006-4). The £155m loan forms 19.4% of the Hercules portfolio and is due to mature in July 2011. The London office property backing the loan was hit when Standard Bank, which provided 25.3% of the rent roll, vacated its lease.
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Advisors Asset Management is setting up an institutional platform in its broker-dealer focused on mortgages and structured credit, municipal bonds and corporate bonds.
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The demands facing banks investing in structured finance products under the European Commission’s revised Capital Requirements Directive remain unclear, according to Rachel Kelly, partner at Clifford Chance.
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Carlos Mendez, global head of capital markets, and Robert Roberto, head of U.S. sales and trading, have left ICP Capital.
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European bank’s injecting liquidity into their distressed sponsored deals via liquidity facilities could be forced to hold the same amount of highly liquid assets on balance sheets.
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Toxic paper housed in Europe’s bad banks will find an investor base, according to speakers at a recent structured credit conference in London.
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Bank of America and Morgan Stanley have each lost top commercial mortgage-backed securities traders.
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The U.K. Financial Services Authority is placing greater scrutiny on structured finance products as the market begins to stir back to life, and will veto any structures it considers too risky.
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European markets could see a flood of asset-backed and mortgage-backed securities as defaulted collateralized debt obligations are liquidated and their collateral is sold off.