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German, Polish and Spanish logistics properties back the €200m deal
New deal types offer lower funding costs for property owners
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The White Tower 2006-3 commercial mortgage-backed securities deal from Société Générale has breached its loan-to-value covenant as a result of a much lower valuation of the properties in the portfolio.
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The first European commercial mortgage-backed securities deal to be marketed to third-party investors since 2007 has been priced.
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White Tower 2006-3 has breached its loan to value covenant after an updated valuation revealed a 49.3% decline in the portfolio’s market value to £929m. Unless the breach is cured within 10 days, it will trigger a loan event of default.
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UK retailer Tesco reopened the catatonic CMBS market this week with a hugely oversubscribed £430.65m sale and leaseback. But the deal’s structure suggests that a renaissance for the asset class is some way off.
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The first European commercial mortgage-backed securities deal to be marketed to third-party investors since 2007 is making the rounds.
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New York-based broker-dealer Beacon Capital Markets is set to begin trading secondary asset-backed, non-agency residential mortgage-backed and commercial mortgage-backed securities July 10.
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Yet more triple-A tranches of UK CMBS came under pressure this week as the rating agencies acted in the face of tumbling market values and rocketing loan-to-value ratios.
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A Société Générale commercial mortgage-backed securities deal has had more than half of its bonds downgraded to junk status as rating agency analysts expect an event of default to hit the single loan which backs the transaction.
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Boston-based Standish Mellon Asset Management, the fixed-income unit of BNY Mellon Asset Management, said it will begin investing in the Term Asset-Backed Securities Loan Facility in July through two targeted investment strategies.