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US market remains the model as template issuance takes shape
Deal is backed by three data centers in Virginia, Illinois and Atlanta
Tightest CMBS print in nearly a year ahead of Yondr data centre ABS debut
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Securitization professionals are welcoming the Basel Committee on Banking Supervision’s tweaks to the Liquidity Coverage Ratio, which will see higher-grade residential mortgage-backed securities eligible for inclusion.
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By Shanker Merchant, managing director in investment banking at CastleOak Securities, a New York-based boutique investment bank. -
Morgan Stanley’s ELoC Xuthus (European Loan Conduit) No. 29 commercial mortgage securitization has been unwound.
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The U.K. continues to dominate securitization issuance volumes in Europe, accounting for more than half of all placed issuance last year—but asset-backed securities bankers in London reckon Dutch issuers will likely be first out of the blocks in 2013 with new trades.
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The sole remaining loan in Société Générale’s White Tower Europe 2007-1 commercial mortgage securitization has been given until September to allow for more work on restructuring the loan.
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London-based securitization bankers are hopeful that a modest tightening in U.K. residential mortgage-backed spreads in the coming weeks could see publicly executed trades reaching levels comparable to funding in the U.K.’s Funding for Lending Scheme for some banks.
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With 35 loans maturing in January — most with high loan to value ratios — Europe’s CMBS market is set for a painful start to the year, Fitch Ratings reckons.
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The Xanadu loan, securitized in Credit Suisse’s EUR1.32 billion ($1.74 billion) pan-European commercial mortgage trade Cornerstone Titan 2007-1, has seen improved repayment prospects, in turn boosting the deal’s CMBS notes, according to an investor familiar with the deal.
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The big question being asked at the Commercial Real Estate Finance Council’s annual conference in Miami next week will be whether the commercial mortgage-backed securities market will be able to maintain its rally.
