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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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Nobody likes it when markets seize up, but the post-Brexit plight of the UK commercial property funds shows markets working well, not badly. It also demonstrates why markets, not banks, are the best providers of financing.
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The news that seven open ended commercial real estate funds froze redemptions this week should come as no surprise. Funding highly illiquid, chunky investments with cash that investors can pull at short notice is a flawed strategy.
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Fitch Ratings has downgraded a Morgan Stanley UK CMBS deal, Ulysses (European Loan Conduit No. 27) as the British referendum result shakes confidence in UK commercial real estate. -
Private label CMBS issuance plummeted in June to the lowest levels since February 2012, according to Kroll Bond Ratings analysts, with just $968.3m pricing during the month.
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Weakness in the Italian commercial property market will hit bondholders in Natixis’ legacy Infinity 2006-1 “Classico” synthetic CMBS deal, after a listed Italian property fund defaulted on a €378m loan backing the bulk of the deal.
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European credit fund managers look precariously positioned after last week’s rally, with the market having taken a turn for the weaker and options trading activity suggesting few are well hedged.
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The US CMBS primary market is humming to life after going through much of June without any new issuance, but market players say that uncertainty in the market has deepened on the back of the Commercial Real Estate Finance Council conference last week, which raised more questions than it answered.
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There’s been no shortage of perils in the capital markets in the last few years, both foreseeable and not, and SSA borrowers in Europe have had to change the way they approach the markets to keep afloat of their funding targets. Graham Bippart reports.
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US CMBS investors and issuers descended on New York City this week for the annual Commercial Real Estate Finance Council (CREFC) summer conference, with attendees saying that the market has come to terms with its regulatory fate, even if it is unclear how it will handle the new rules once implementation comes down in December.
