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Latest news
New deal types offer lower funding costs for property owners
Issuer's £280m deal was cleverly marketed
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Price talk on the two tranches of AAA-rated bonds from J.P. Morgan Chase’s $500 million commercial mortgage backed securitization with Inland Western Retail Real Estate Trust are around swaps plus 150 to 165 basis points for the $58 million A-1 portion and 205 to 220 basis points for the $330 million A-2 tranche, reflecting significantly tight pricing.
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Windermere XII, issuer of €1.5 billion ($2.16 billion) commercial mortgage-backed securities, wants permission from noteholders to again challenge the French Commercial Tribunal.
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A mezzanine debt buyer has scooped up a majority of the $47 million BBB-rated portion of Fortress Investment Group’s $460 million commercial mortgage-backed securitization through Bank of America.
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Sarah Smith, former London-based head of international finance at Sidley & Austin, has been made a partner at law firm Bingham McCutchen.
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Standard & Poor’s has downgraded all the subordinated notes issued out of the “socialist” funding vehicle of Northern Rock’s Granite mortgage master trust. The agency affirmed all the senior tranches of Granite at triple-A and also affirmed the subordinated notes issued via the “capitalist” Funding vehicle.
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A clean-up sale for Victoria Finance, one of the last of the independent structured investment vehicles, will take place tomorrow.
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Citigroup is stepping back into conduit lending with plans to launch its own commercial mortgage-backed securitization in the coming weeks.
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The issuer of White Tower commercial mortgage securitizations could be headed for a technical event of default due to reporting covenants, one London-based financial services firm has warned.
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Ernst & Young’s resignation as auditor on White Tower 2006-3 was triggered by its provision of a qualified opinion on the issuer’s ability to continue as a going concern, the issuer revealed on Friday.