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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In a big vote of confidence in the CLO product, the District of Columbia Court of Appeals ruled on Friday that CLO managers should be exempt from risk retention requirements, vindicating the arguments put forward by the Loan Syndications and Trading Association against federal regulatory agencies. -
The European Central Bank (ECB) has effectively doubled valuation haircuts for conditional pass through (CPT) covered bonds that are retained for repo purposes. The move, which follows the bank’s decision to not buy CPTs from non-investment grade issuers for its purchase programme, signals that the central bank sees inherent risks in the structure.
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Blackstone is in the market with a rare Italian CMBS transaction, with price talk emerging Thursday for Pietra Nera Uno S.r.l, a €403.8m securitization backed by a trio of loans secured by retail properties.
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Argentic Silverpeak has announced a debut US CLO backed by commercial real estate loans, following the pricing of a $932m TPG Real Estate Finance deal on Monday, as tight pricing encourages borrowers to turn to the capital markets to finance short dated real estate lending.
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The latest conduit CMBS offering was priced on Friday, with lead banks selling the top rated, 10 year bonds at the same post-crisis tight level achieved by the offering that kicked off 2018 a week earlier.
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US retailer Sears announced its intention on Tuesday to swap unsecured and senior secured debt into new payment-in-kind notes that could be converted into common stock. Seeing this as a distressed debt exchange, Fitch Ratings quickly downgraded the retailer to C.
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The US CMBS industry is clawing back market share in real estate lending by targeting high end hotel and office properties with single loan deals. But lenders have had to loosen their standards to do so, and the proliferation of single loan deals will concentrate risk in a market designed to diversify it.
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The first CMBS conduit deal was priced on Friday, with spreads at the top of the capital structure falling to post-crisis tight levels, reflecting the rise in the 10 year Treasury rate and the move in swap spreads.
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A typically slow start for new US CMBS issuance this year has led to spreads tightening in the secondary market, though the primary pipeline is bracing itself for a surge of deals.
