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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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Fallen U.K. high street retailer Woolworths, which went into administration last week with around £385 million ($582 million) of debt, is a tenant in a number of U.K. commercial mortgage-backed securities deals, say Barclays Capital analysts.
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Former Broadpoint Captial distressed structured products traders Viru Raparthi and Maneesh Awasthi have joined brokerage Newedge, a joint venture between Société Générale’s Fimat and Calyon Financial, to build up a synthetic and cash structured credit platform there.
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Commercial mortgage-backed securities and other mortgage-related debt could eventually be some of the assets purchased under the Treasury Department’s expansion of the Troubled Asset Relief Program.
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Commercial mortgage-backed securities spreads widened to unprecedented levels last week, with some AAA-rated bonds jumping to more than swaps plus 1,450 basis points.
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Dynamic Credit Partners is investing some internal capital and encouraging advisory clients to invest in AAA-rated commercial mortgage-backed securities and senior tranches of collateralized debt obligations backed by residential mortgages, Jim Finkel, Dynamic, ceo and co-founder, said.
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Morgan Stanley has reportedly cut its U.S. commercial mortgage-backed securities group to 12 people and reduced its European and Asian groups to eleven staffers each.
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Promontory Asset Finance is developing a credit metric that focuses on the extremes of systemic risk for structured products to complement existing conventional ratings.
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A flood of commercial mortgage-backed paper has spilled into the European market as downgrades on CMBS deals have risen over the past few weeks and economic pressures continue to paint negative outlooks for the sector.
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Beacon Capital Markets is preparing to launch a non-agency mortgage-backed securities trading platform in January for primarily non-agency MBS, as well as some asset-backed securities and commercial mortgage-backed securities.