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Blackstone is targeting a quicker than usual three day execution
Triple-As were priced at 170bp over Sofr, close to guidance
US market remains the model as template issuance takes shape
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The EuroProp EMC Compartment 1 commercial mortgage-backed securities deal, originated by Citi in 2006, defaulted at legal final maturity on Tuesday, becoming only the second European CMBS since the crisis to do so.
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EuroProp EMC Compartment 1 CMBS defaulted at legal final maturity on Tuesday, becoming only the second European CMBS since the crisis to do so. The special servicer is expected to continue the asset disposal process in the interests of all parties – on the condition that an administrative receiver appointed by courts after the default approves.
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Macquarie Bank is arranger and lead manager on a forthcoming AUD300 million ($310 million) residential mortgage securitization originated by Australian building society IMB.
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Bank of America Merrill Lynch’s Taurus 2013 CMBS, which securitises a loan for a portfolio of Dresden multi-family units owned by German real estate company Gagfah, has provoked frustration among investors because of the inclusion of a detachable coupon at the top of the cash waterfall.
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The private-label residential mortgage-backed securities market has been losing some of the momentum it saw early in the year, showing signs of softening and seeing practices the collateralized loan obligation and commercial mortgage-backed securities markets turned to in times of volatility to help clear struggling deals.
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Bank of America-Merrill Lynch is set to bring the year’s first European commercial mortgage securitization to market. Bankers expect the EUR1.07 billion ($1.39 billion) German multi-family deal to be very well received, even among investors that may not normally buy much CMBS.
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Bank of America Merrill Lynch is set to bring the year’s first European CMBS to market. Bankers expect the €1.07bn German multi-family deal to be very well received, even among investors that may not normally buy much CMBS.
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Class A2 noteholders in Cornerstone Titan 2007-1, one of Europe’s largest conduit commercial mortgage-backed securities transactions, could eventually face principal losses depending on how the 18 remaining loan workouts progress, according to Barclays CMBS analyst Christian Aufsatz.
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Changes made on Wednesday to the U.K. Funding for Lending Scheme to boost small-to-medium enterprise lending should not materially impact the already low-level of U.K. SME asset-backed securities issuance, but London-based bankers remain angered by the squeeze the FLS has had on U.K. residential mortgage securitization, and fear a protracted RMBS issuance slump into 2014.