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Latest news
Green securitizations have been prominent in CMBS this year
Rating cut as note pays more interest than planned
Inflation caused by war threatens budding recovery in commercial real estate
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Two more groups of issuers have set new commercial mortgage-backed securities deals, with a partnership between UBS, Barclays Capital and Archetype Mortgage Capital planning a $1.5 billion securitization for April and a venture between Goldman Sachs, Citigroup, Jefferies & Co. and Archetype Mortgage Capital planning a similarly sized deal in May, according to sister publication Real Estate Finance Intelligence.
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BlackRock, which already acquired the non-investment grade bonds from a new conduit deal from Morgan Stanley and Bank of America, has reportedly struck a deal to buy the deal’s mezzanine tranches as well, according to REFI.
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U.S. commercial mortgage-backed securities delinquency rates fell 15 basis points to 9.37% in February, according to Trepp, LLC.
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Wells Fargo is said to be preparing to offer at least $1 billion in commercial mortgage-backed securities next week, closely following a $1.1 billion CMBS from Morgan Stanley this week.
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Fitch Ratings has downgraded six classes of commercial mortgage-backed securities issued by JPMorgan Chase after the loan pool suffered realized losses of $48.5 million.
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The £28.5 million ($45.09 million) Ventura Park loan securitized in Titan 2007-3 was disposed at a principal loss of £8.67 million ($13.73 million), after special servicer Hudson Advisors Germany GmbH agreed to accept £20.14 million ($31.88 million) as repayment from an unidentified purchaser.
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Morgan Stanley is expected to price the 10-year, super-senior bonds of MSC 2012-C4, its new conduit deal, at swaps plus 105—the tightest levels seen in more than a year, and five basis points tighter than similar bonds from the most recent deal led by Deutsche Bank.
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Properties underpinning loans securitized across the European commercial mortgage-backed market are seeing “dramatic” falls in their loan valuations, according to a study by Royal Bank of Scotland analysts in London.
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Commercial mortgage-backed securities are performing better as the balance of CMBS continues to shrink, according to Moody’s Investors Service.