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Latest news
Deal backed by renovated center in Kansas City would be widest so far at that level
Last week EQT priced $985m of industrial paper to fund an acquisition
UK bank is selling a $548.27m issue
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A $185m single borrower CMBS offering is in the market this week, backed by a loan that is part of a larger financing package for a California shopping mall owned by Simon Property Group, with the remaining debt expected to be packaged into future conduit deals. -
Morningstar Credit Ratings has identified the most vulnerable US CMBS loans with exposure to teen fashion chain Rue21, with $100m of CMBS debt said to be vulnerable to default if the company decides to close more stores.
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Multifamily CMBS underwriting standards have been slipping, according to JP Morgan analysts, as growing appetite from the government sponsored enterprises (GSEs) drives competition among agency and private label lenders.
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Goldman Sachs priced a conduit CMBS transaction on Friday, while issuers this week prepare to offer investors another $2.7bn of bonds in a busy run up to the annual CREFC industry conference in the first week of June.
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A $754m CMBS deal backed by a single loan secured by a portfolio of hotel assets hit the primary market this week, with demand for the highly leveraged deal reflective of the widespread bullishness in the wider fixed income markets, say sources.
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The four largest commercial mortgage servicers in the US are successfully battling a decline in the volume of outstanding CMBS loans by ramping up their involvement in deals from the government sponsored enterprises, said Morningstar Credit Ratings on Monday.
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Three single asset single borrower deals totalling nearly $1.5bn were placed in the US CMBS market last week, while another single borrower deal and a new conduit from Goldman Sachs have been added to a busy second quarter pipeline.
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US risk retention rules have created a more concentrated CMBS conduit market in the six months since the regulation was implemented, as mortgage brokers and investors favour larger lenders at the expense of smaller non-bank originators.
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Atlante II, the Italian rescue fund designed to take bad loans of the balance sheets of distressed Italian banks, has financed its first securitization.
