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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A slew of commercial properties are being financed with floating rate CMBS debt in recent weeks, with banks eager to satisfy high levels of investor demand for floating rate bonds. -
The US CMBS market is exploring different ways of complying with risk retention beyond the structures used so far, with new methods of dealing with the rule being seen among non-banks and in the single borrower market.
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In a mid-year outlook of the global structured finance markets, analysts from S&P Global Ratings pointed out the rise of private portfolio lenders in commercial real estate, at the expense of a struggling CMBS market.
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Activity is dwindling in the European ABS market as the summer draws on, but investors still have opportunities to buy off the run deals with a rare Swiss franc denominated Austrian CMBS deal and a Spanish credit card deal being marketed this week.
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A $1.4bn single borrower CMBS deal hit the market on Wednesday, as the pipeline for single asset/single borrower deal bulges with floating rate borrowers keen to refinance deals ahead of further rate hikes.
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Pre-crisis CMBS loans were in the spotlight this week, after a raft of property liquidations in three deals wiped out $410m of bonds, while Fitch reported that delinquencies jumped in June by the highest amount for six years.
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A Dutch buy-to-let RMBS offering from RNHB, which is expected to be priced next week, is piquing the interest of investors with commercial real estate exposure on top of the residential collateral pooled in the deal.
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The US CMBS market is becoming more concentrated, with a smaller number of lenders structuring more deals exposed to the same properties. Lenders will have to make the CMBS experience a better one for borrowers if they want to pump life back into the market.
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More commercial real estate properties are flowing into the single asset, single borrower CMBS market as large loans come up for refinancing, with four deals out in the market this week in addition to a new conduit deal.
