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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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Modification of loans included in commercial mortgage-backed securities deals is becoming a critical issue for the market, particularly with rising delinquencies stirring debate about the scope of the changes permitted under both Real Estate Mortgage Investment Conduits rules and the Pooling and Servicing Agreements of CMBS deals.
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Markit will launch early this month TRX.NA, a total return swap index referencing cash commercial mortgage-backed securities.
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Valuations for properties backing one of the loans in the Windermere XI commercial mortgage-backed securitization have fallen by 56.3%.
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Borrowers of commercial mortgage loans backing the €800 million ($1.14 billion) Titan Europe 2006-3 commercial mortgage-backed security have been given 10 days to correct an event of default outstanding since last year.
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The Financial Accounting Standards Board has come out with updates to FAS 157 to improve disclosure on fair value measurements.
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The first commercial mortgage-backed securities deals under the Term Asset-Backed Securities Lending Facility are slated for after Labor Day, but with the market for unsecured real estate investment trusts bonds gaining momentum, there could be substantially fewer deals than earlier anticipated.
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Gemini, issuer of the commercial mortgage-backed security Gemini (Eclipse 06-3) is seeking to change the definitions to its liquidity requisite ratings.
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WestLB has closed a partially placed securitisation of German leases and loans for specialist equipment financer AKF Bank. The Eu280m deal was partly retained by the originator and its affiliates, but some of the bonds were placed with an outside
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Commercial mortgage-backed securities delinquencies dropped in July after billions of loans sponsored by General Growth Properties, which filed for bankruptcy protection earlier this year, were removed from 30-day delinquent status.