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This is mBank’s sixth SRT transaction
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Lower demand for commercial mortgage-backed securities is showing that the CMBS market is not immune from the subprime residential mortgage market debacle. Rents and prices for commercial properties remain strong, yet the weakened buying atmosphere has caught the attention of CMBS players, Reuters reported.
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Bond giant PIMCO is implementing major changes for its Commercial Mortgage Securities Trust. The closed-end fund’s board has approved a significant liberalization of the fund’s investment policy, a new name, and a 25% slash in the fund’s dividend rate.
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U.K. based lender Kensington Mortgage Company has launched its first residential mortgage-backed securitization using its newly set-up asset-backed MTN program.
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Deutsche Bank is keen to gain a foothold in the embryonic Polish commercial mortgage-backed market as borrowers are showing interest in moving away from the traditional U.S and U.K markets.
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Deutsche Bank is tooling up a £672 million ($1.3 billion) U.K. commercial mortgage-backed securitization out of its Deco program.
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Morgan Stanley is looking to issue a €1.2 billion ($1.7 billion) pan-European commercial mortgage-backed securitization deal out of its on the ELOC program.
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A few new commercial mortgage-backed securities deals have interest-only components of more than 70%.
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The larger size of new commercial mortgage-backed securities deals and the number of banks involved in recent deals for Equity Office Properties is causing a pile up in the new issue market.
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Hypo Real Estate Bank International has launched a synthetic securitization of U.K. commercial mortgage-backed securities.