Latest news
Latest news
Agar previously worked at Guggenheim Securities
Creafin restarts the Belgian RMBS market, and CLO tiering has not yet materialized
Deals fully backed by multifamily assets are in vogue
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After digesting a "wall of maturities" last year, a shortage of collateral is weighing on conduit CMBS volumes. Just one deal has been priced in the last two weeks, although single asset deals and CRE CLOs are running at triple and double last year’s pace. -
Fannie Mae, the world’s biggest green bond issuer, is negotiating with the administrators of the MSCI Bloomberg Barclays Green Bond Index to get more of its green housing loan securitizations included in the benchmark.
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After improving last year, credit metrics in the US CMBS market have worsened in the first quarter of 2018, according to S&P Global Ratings, with new deals showing higher leverage, more interest only loans and lower debt service coverage than last year.
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Volatile equity markets and macroeconomic concerns spilled into CMBS spreads on Friday, with senior bonds priced way off the tight levels seen last month.
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The growth of online shopping has fuelled a surge in appetite from all types of investors for industrial warehouse and fulfillment properties. Life insurance companies have typically dominated in this sector, but CMBS lenders are now taking a bigger share — reflecting the tight pricing on offer in the capital markets.
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Blackstone has announced plans to sell FROSN-2018 DAC, a CMBS secured on Finnish real estate that will fund its acquisition of Sponda Oyj.
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Despite a string of credit issues at troubled US retailers, the sector has provided leveraged loan investors with the strongest gains in the year so far, said JP Morgan on Tuesday, while the CMBX index targeted by mall bears as the next Big Short has barely budged.
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Controversial investment fund Clifden’s other tender process, for Fairhold Securitisation, a deeply distressed pre-crisis CMBS backed by UK ground rents, reached a crescendo last week, with another bold bid for legal action against a trustee.
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The ECB has published an addendum to serve as guidance for all future non-performing loans. The measure is non-binding and will serve as the basis for dialogue between the ECB and the banks it regulates directly.
