Latest news
Latest news
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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Bids-Wanted-In-Competition activity points to sustained demand for U.K. prime residential mortgage-backed names, as new issue markets remain quiet, according to traders in London.
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In a market littered with extensions and defaults, CMBS investors now have another risk to contend with — prepayment. The development comes after Blackstone was reported to be preparing to sell Chiswick Park, the property backing the first post-crisis CMBS. That makes it likely that noteholders will be prepaid ahead of the 2016 expected maturity.
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Former Sandler O’Neill & Partners managing director and head of mortgage strategy Scott Buchta has joined boutique investment banking firm Brean Murray, Carret & Co. as head of fixed income strategy.
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The Baywatch loan, one of eight loans originally securitized in Lehman Brothers’ EUR1.11 billion ($1.44 billion) Windermere XIV commercial mortgage-backed trade, has been placed into special servicing ahead of an expected default later this month.
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Royal Bank of Scotland’s Isobel Finance No1 CMBS, the second in the European market in as many weeks, has lifted hopes that an investor base for the asset class is cautiously returning. But murmurings of disquiet about inadequate loan disclosure in the offering circular also showed there is still a long way to go before borrowers fully win back investor trust and can begin regularly securitising commercial loans.
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Apollo Global Management raised a $721.89 million collateralized loan obligation after upsizing it from around $450 million, making the deal the largest broadly syndicated CLO so far this year.
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The liquidation of three collateralized debt obligations totaling $177.59 million is set for Wednesday, Oct. 10.
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Fitch Ratings has slashed ratings on all bonds in the Quirinus (European Loan Conduit) ELoC No. 23 commercial mortgage trade, as three securitized loans still in the deal remain highly leveraged.
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European securitization issuers are being kept busy in the background ensuring deal documents meet with recent changes made to the European Union’s Prospectus Directive, according to London-based industry professionals.