Latest news
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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Issuance of US CMBS in 2016 is projected to be down roughly 30% year-over-year, with the outlook for renewed growth mixed as the market eyes threats to CMBS as a source of commercial real estate (CRE) debt capital. -
The CMBS market took the surprise US presidential election result as an opportunity to pick up bonds on the cheap, with spreads tightening in the immediate aftermath of Tuesday’s vote.
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Morgan Stanley is in the market this week with a $725.57m conduit CMBS transaction that will test a vertical risk retention structure, as market participants say that a horizontal model is proving to be a tough sell for both issuers and investors.
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A number of single family rental (SFR) properties were damaged by the devastating Hurricane Matthew but, according to Moody’s, the effect on transactions should be minimal.
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The US housing market saw a slowdown in construction as new build starts fell for a second straight month in September.
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As the US CLO and CMBS markets debate the viability of horizontal versus vertical risk retention, the market is quietly discussing a third solution to this year’s favourite fixed-income conundrum.
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Deutsche Bank priced the first ever single asset CMBS offering to comply with risk retention rules late last week, giving the market the first glimpse of what a deal tied to a single property will look like under the new regulatory regime.
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The US CMBS market has been steadily widening since a summer rally pushed spreads on the bonds to the tightest levels of 2016, with new issue benchmark triple-As widening out by over 20bp since then.
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Barclays has structured a 57 loan CMBS totalling £2.44bn ($3.6bn), which will be largely retained by the bank, just a few days after the Bank of England opened up its Term Funding Scheme to offer low cost liquidity to UK banks.
