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CMBS

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  • JPMorgan maintained its lead over global asset-backed securities bookrunners for the second quarter in a row, though its share of the market decreased by more than four points as other banks ramped up their activity, primarily in the U.S. market, according to league tables prvided to SI by Dealogic.
  • Banco Santander Totta’s recent novel tender offer, in which it offered to buy back three classes of residential mortgage-backed notes in exchange for exposure to a covered bond, has been spurned by most bondholders.
  • Moody’s Investors Service has come out with a report offering a contrarian view on the ratings assigned to recent conduit commercial mortgage-backed securities deal, according to sister publication Real Estate Finance Intelligence.
  • Banco Santander Totta’s recent novel tender offer, in which it offered to buy back three classes of residential mortgage-backed notes in exchange for exposure to a covered bond, has been spurned by most bondholders.
  • U.K. buy-to-let lender Paragon has mandated Lloyds Bank, Macquarie Bank and Morgan Stanley as joint lead managers on Paragon Mortgages 17, the firm’s first new issue of buy-to-let RMBS in a year.
  • CMBS noteholders in four transactions could lose money because of properties being undervalued ahead of potential sales, according to Royal Bank of Scotland analysts.
  • A weekly roundup of securitization sectors with year-to-date totals in ABS, CMBS, RMBS and CLOs in the US and Europe.
  • The London & Regional Debt Securitisation (LORDS) No. 2 U.K. commercial mortgage-backed trade has been downgraded by Moody’s Investors Service, with the underlying loan predicted to see losses stemming from lease expiries and growing vacancy rates in the properties.
  • Deutsche Bank’s DECO 2011-CSPK commercial mortgage securitization—the first post-crisis European CMBS—could be set for an imminent prepayment if the sale of the underlying Chiswick Park business park goes ahead.