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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The US CMBS market is set to undergo a transformation in 2016, with market participants predicting that the response to new regulation will dramatically change the nature of the market. -
Bank of America Merrill Lynch announced its second European CMBS deal of the year on Thursday, with a €230m deal backed by a loan made to Canadian real estate investment trust Dream Global REIT in December last year.
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Cantor Commercial Real Estate and Société Générale priced a $160m single borrower CMBS offering backed by the Ritz-Carlton South Beach on Tuesday, pricing the triple-A rated senior tranche at 150bp over swaps.
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A dwindling new issue calendar has kept spreads from blowing back out to levels seen in March, as Citi and Goldman Sachs on Wednesday priced a $694.7m conduit offering at 134bp over swaps for the benchmark triple-A class.
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The CMBS market has staged a dramatic comeback over the past three weeks, with primary triple-A spreads tightening by over 40bp. Still, observers say they are unsure how long the rally can last.
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Stephen Renna, CEO of the Commercial Real Estate Finance Council (CREFC), the main CMBS industry lobbying organisation, has left the group, according to sources speaking with GlobalCapital.
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Index provider Markit has teamed up with commercial mortgage backed securities data and pricing specialist Trepp to launch total return swaps (TRS) on a cash CMBS index. The initiative targets several gaps in the market, by boosting returns for CMBS investors, providing a hedging tool for originators and giving big corporate clients access to a market otherwise denied them by punitive US tax rules.
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Citi and Goldman on Tuesday sold CGGS 2016-RND, a $1.8bn single borrower CMBS transaction backed by one fixed and one floating rate loan made to Blackstone Group to finance its acquisition of BioMed Realty Trust.
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Bank of America Merrill Lynch closed its €317m Taurus 2016-1 DE CMBS deal this week, only the second CMBS deal to be priced in the last six months as market dynamics create obstacles for the asset class.
