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CMBS

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  • The relaunch of Westfield’s Strat 2014 CMBS, which finances the Westfield Stratford shopping centre, looks set to price inside the guidance offered when the deal was first marketed.
  • Crédit Agricole and Deutsche Bank this week relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns. The deal came the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.
  • Investors are expected to hoover up any ABS and CMBS that banks offload to meet regulatory requirements under the recently finalised liquidity coverage ratio (LCR). But they may have less paper to buy than initially expected.
  • Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.
  • UK pub group Enterprise Inns plans to shake up its debt structure by refinancing loans at a tighter margin and issuing a new bond.
  • Avenue Capital’s AYR Issuer student housing CMBS priced on Thursday was another sign that there is enough appetite for the product to make it viable for a wide range of assets. But bankers are frustrated with the lack of translation from rumour into fact in the European public market.
  • European CMBS supply rose unexpectedly this week as Bank of America Merrill Lynch privately placed €410m of securities backed by debt used by Lone Star to purchase the Coeur Défense office complex in Paris. Elsewhere, Avenue Capital quickly executed its £107.3m AYR Issuer student housing CMBS.
  • CMBS investors are about to encounter the problem experienced by parents across the UK every August, as they are asked to participate in Avenue Capital’s £107.3m ‘AYR Issuer’ transaction to help keep a roof over thousands of UK students’ heads.
  • Moody’s has backed a transfer of relatively risky assets from Crédit Foncier de France (CFF) to its parent BPCE as credit positive.