Latest news
Latest news
Rating cut as note pays more interest than planned
Inflation caused by war threatens budding recovery in commercial real estate
The rise of the European master trust and the CLO market nears shut down
More articles
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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.
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Netherlands-based real estate investment fund Vesteda Investment Management’s plan to restructure its Vesteda Residential Funding II B.V. commercial mortgage securitization will not impact the ratings on the notes, according to Moody’s Investors Service.
