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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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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.
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Ulster Bank, the retail mortgage subsidiary of the Royal Bank of Scotland, has opted not to call the bonds from its Celtic residential mortgage-backed program.
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Minutes of the FSA’s Securitisation Standing Group meeting in November show the UK regulator concerned about sharp practice in European ABS.