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
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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.
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Appetite for European CMBS is likely to accelerate after last month’s placing of Florentia and Isobel transactions showed that spreads have tightened to a level that makes sense for lenders and investors. But long lead times for new deals means further issuance is unlikely until next year.
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KeyBanc Capital Markets managing director Joseph McHale has left the bank’s mortgage-backed securities sales and trading desk.
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NIBC Bank is offering to buy back notes in all classes in its Dutch residential mortgage securitization, SOUND I, as an alternative option to several proposed changes to the notes.