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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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A flurry of new commercial mortgage-backed securitizations are seen as breathing life back into the stalled CMBS market, with investors and lenders welcoming the new activity and a more upbeat tone for 2010.
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The commercial mortgage-backed securities sector has gained substantial concessions in the latest version of a bill slated to rein in Wall Street, with H.R. 4173 carving out special rules for CMBS that allow third-party investors to satisfy the legislation's "retention risk" requirements.
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Demand held steady for December's subscription period for the New York Federal Reserve's TALF program, with investors requesting $1.3 billion in loans to buy legacy commercial mortgage-backed securities.
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Corporate revolver covenants are holding up Developers Diversified Realty's second commercial mortgage backed securitization, with the Beachwood, Ohio-based real estate investment trust reportedly needing a waiver from its primary lenders before it has access to any more secured debt.
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Noteholders of the €1.5 billion ($1.67 billion) Windermere XII commercial mortgage-backed securities have voted to appeal a decision by the French Commercial Tribunal, which has placed insolvency proceedings in the hands of the borrowers and the owners of the properties backing the deal.
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Markit plans to launch an evaluative pricing service for nonagency collateralized mortgage obligations in the first or second quarter.
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New provisions in J.P. Morgan Chase's $500 million securitization with Inland Western Retail Real Estate Trust are paving the way for investors to jump back into the commercial mortgage-backed securities market by raising the bar on new issuance.
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Senior investors in the £1.15 billion ($1.90 billion) White Tower 2006-3 are set to pass an amendment to the commercial mortgage-backed securities’ documents governing the order of payments that could save the class from an a technical event of default.
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Nomura Securities International has hired Ohmsatya Ravi, head of mortgage-backed securities research at Bank of America Merrill Lynch, to head its securitized products research group.