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CMBS

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  • FIG
    A new German insolvency law came into force on Thursday, bringing in stronger rights for creditors — a move which could strengthen German law CMBS deals, and encourage more restructuring on German bank balance sheets.
  • Deutsche Bank priced the 10-year, AAA-rated A4 class of its $941.3 million commercial mortgage-backed securities deal COMM 2012-LC4 at 110 basis points over swaps, the tightest levels on 10-year bonds from conduit deals since May 2011.
  • A record 102 loans in European commercial mortgage-backed securities entered Standard & Poor’s delinquencies index in January, compared with just 63 a year ago.
  • March represents a lull in loans in European commercial mortgage-backed securities maturity with only one loan due, according to Fitch Ratings.
  • The second stage of the European Central Bank’s Long-Term Refinancing Operation, which saw 800 European banks borrow a total of EUR529.5 billion ($706.1 billion) on Wednesday, will help sustain the rally in the region’s securitization markets, London-based officials say.
  • Fitch Ratings says it has become aware that some special servicers of commercial mortgage-backed securities are charging undisclosed fees to borrowers seeking loan modifications.
  • Redwood Trust says it is planning four to six more offers of residential mortgage-backed securities including the RMBS that was completed in January.
  • As the new issue pipeline in Europe slims down, industry eyes in the region are now shifting to many of last year’s market debutants who could potentially return to tap the securitization market in the coming months.
  • Deutsche Bank is said to be marketing $941.3 million in commercial mortgage-backed securities, its second such offer of the year.