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CMBS

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  • Credit Suisse has successfully placed Alba 2013-1, a securitization of non-conforming U.K. mortgages that were mostly originated at the height of the U.K. property boom in 2006 and 2007, with the same handful of investors that bought Alba deals in 2012 and 2011.
  • Class C and D noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) commercial mortgage-backed securities deal, 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’s last ditch restructuring proposal.
  • 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.
  • Royal Bank of Scotland’s Irish subsidiary, Ulster Bank, has bought back EUR1.5 billion ($1.95 billion) of Celtic Residential Irish Mortgage Securitization (CRSM) bonds, exceeding its targeted volume by around €250 million ($325.08 million).
  • Pricing for the Automobile Association’s debut issue of bonds backed by its entire business started at generous spreads for both the senior and high yield portions, but sterling investors demanded even more to get involved in the senior 12 year tranche.
  • The market for commercial mortgage-backed securities backed by a loan on a single property has slowed down precipitously since the beginning of the year, when more of the securities were sold than in all of 2012.
  • Hypothekenbank Frankfurt, the special servicer for the troubled Irish commercial mortgage-backed securities deal Opera Finance (CMH), has not been swayed by a last ditch restructuring proposal and will press on with a noteholder vote to approve Kennedy Wilson’s cash offer for the underlying properties.
  • Leeds Building Society is gearing up for its debut public issue from its Albion prime residential mortgage securitization shelf, in what will be only the fourth piece of U.K. RMBS issued this year.
  • Hypothekenbank Frankfurt, the special servicer for the troubled Irish CMBS Opera Finance (CMH), has not been swayed by a last ditch restructuring proposal and will press on with a noteholder vote to approve Kennedy Wilson’s cash offer for the underlying properties.