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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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Clydesdale Bank is getting ready to come to market with its second post-crisis U.K. residential mortgage-backed securities trade.
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The sale of a portfolio of 33,000 apartments by the GBW subsidiary of German lender BayernLB is likely to generate “significant bidding interest” and may help in setting a benchmark for the prospects of refinancing larger German multifamily housing commercial mortgage-backed securities, according to Fitch Ratings.
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Deutsche Annington Immobilien AG has agreed to a plan to restructure German Residential Asset Note Distributor (GRAND)—Europe’s largest single loan commercial mortgage securitization—which includes a note extension and a EUR504 million ($619.5 million) equity support package from U.K. private equity investor Terra Firma.
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One of Europe’s largest ever securitisations, the €4.46bn outstanding German multi-family GRAND CMBS, is a step closer to being restructured after the six largest noteholders agreed on a plan. The remaining creditors are set to be filled in on the details on Wednesday.
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It was a quiet week, especially in the U.S. as the July 4 holiday fell smack in the middle of it. Deal flow was limited, but there was plenty to talk about with the growing LIBOR scandal in London and, in California, municipalities making a play on underwater mortgages. -
An initiative being considered in several municipalities in San Bernardino County, Calif., proposing that local governments may seize mortgages through the laws of eminent domain in order to help underwater borrowers to refinance sets a dangerous precedent, market players say.
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A property underpinning the busted German commercial real estate loan Mozart, securitized in ABN Amro’s EUR1.82 billion ($2.24 billion) Talisman 7 commercial mortgage-backed securities trade, has been sold this week.
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July is set to be another difficult month for CMBS, as many of the €2.5bn of maturing loans are expected to be extended, and the prospects for primary supply wane.
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An initiative being considered in several municipalities in San Bernardino County, Calif., proposing that local governments may seize mortgages through the laws of eminent domain in order to help underwater borrowers to refinance sets a dangerous precedent, market players say.
