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Spreads have widened for three consecutive conduit commercial mortgage-backed securities deals, with Deutsche Bank, UBS and Cantor Commercial Real Estate pricing COMM 2012-CCRE9 the $436 million benchmark A-4 class of securities at 128 basis points over swaps, or six wider than the last deal to be completed.
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JPMorgan has priced JPMCC 2013-C10 at a slightly tighter spread than what it had initially pitched to investors, even though at 122 basis points over swaps the super senior AAA rated bonds were two points wider than a deal from Morgan Stanley and Bank of America earlier in the week.
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Rabobank has bolstered its financial markets research team by hiring Ruben van Leeuwen as senior asset-backed securities analyst.
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The search for a solution to the troubled Opera Finance (CMH) commercial mortgage-backed securities took another step towards noteholder stalemate after Kennedy Wilson and Värde Partners, whose joint cash bid for the portfolio was rejected by junior classes last week, bought 25% of the class B notes, putting them in a position to reject noteholder votes for other proposals. -
The search for a solution to the troubled Opera Finance (CMH) CMBS took another step towards noteholder stalemate after Kennedy Wilson and Värde Partners, whose joint cash bid for the portfolio was rejected by junior classes last week, bought 25% of the class ‘B’ notes, putting them in a position to reject noteholder votes for other proposals.
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Ruslan Margolin, head of non-agency mortgage-backed securities trading at Knight Capital Group, left the firm, destination: the whole world.
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The UK’s largest car breakdown assistance company, the Automobile Association, overcame turbulent market conditions this week to price the first investment grade and high yield bonds from a new whole business securitization platform.
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Brussels Airport took advantage of a more stable day in European credit markets on Tuesday to launch its debut bond. Although the deal probably cost it more than it would have before the latest bout of volatility, the bond was well placed.
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Class ‘C’ and ‘D’ noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) CMBS, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’ last ditch restructuring proposal.
