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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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Center Parcs UK’s securitisation of its holiday resorts on Friday marked a fresh spurt of development for whole business securitisation, one of the hottest financial products of the late 1990s and 2000s, but one where innovation has slowed since the financial crisis.
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Fitch Ratings is taking a close look at fees related to the modification of commercial mortgage-backed securities loans, according to sister publication Real Estate Finance Intelligence.
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The Bank of Scotland has completed the tender offer for bonds in its Candide Financing 2005 and 2006-1 Dutch residential mortgage-backed securitizations.
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American International Group was among the buyers of mortgage-backed securities issued by the insurer and held by the Federal Reserve Bank of New York.
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Deutsche Bank sold its $625 million commercial mortgage-backed securities deal backed by the Solow building at 9 West 57th Street in Manhattan, meeting healthy demand from investors who took down its single AAA-rated tranche at 110 basis points over swaps.
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The single loan securitized in Morgan Stanley’s Ulysses (ELoC 27), a £429 million ($676.6 million) U.K. commercial mortgage-backed securitization, has entered into special servicing after it defaulted on its last investor payment date.
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Europe’s commercial mortgage-backed securities market has entered unchartered territory after Eurohypo’s Opera Finance (Uni-Invest), the troubled Dutch property securitization, this week became the first CMBS in the region to reach bond maturity without paying off.
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Law firm Chapman and Cutler last week hired six lawyers from the Washington D.C.-based structured finance team of Orrick, Herrington & Sutcliffe, with expectations of adding four more to the group in the next week or two, according to Chapman chief executive partner Tim Mohan.
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Ratings of investment-grade European commercial mortgage-backed securities could become “increasingly vulnerable” to downgrades as legal final maturity approaches, warns Fitch Ratings.