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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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Holdings of CMBS at primary dealers fell below $6bn in April for the first time since reporting of the data began three years ago, a further sign that some of the largest market makers for the bonds are pulling back. -
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.
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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.
