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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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Issuance of commercial mortgage-backed securities in 2011 came in at an estimated $43 billion—two-and-one-half times greater than the $17 billion in the previous year, according to Fitch Ratings.
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Sales of commercial mortgage-backed securities will likely decline by 11% this year to around $25 billion, according to a report by Citigroup analysts.
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Cedarwoods CRE CDO II, the $700 million collateralized debt obligation whose liquidation was cancelled only a day after being announced last month, is also one of the plaintiffs in a suit against Galante Holdings, a junior lender on one of the assets securitized in CSMC 2007-TFLA.
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Northern Rock’s residential mortgage-backed vehicle Granite saw bids for its lower-rated tranches up on year-end levels, as secondary trading of asset-backed securities in Europe opened the year strong, according to London-based market participants.
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A novel Japanese yen-denominated auto loan securitization from Volkswagen Financial Services is on the horizon, the first sign of new issuance life in the new year. -
Commercial mortgage-backed securities delinquencies rose seven basis points to 9.58% in December, beginning what could be a long upward march, according to Trepp, LLC.
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Europe’s beleaguered commercial mortgage-backed securities will see 36 loans totalling EUR2.6 billion ($3.36 billion) reach maturity this month—the largest monthly volume since the start of the financial crisis, according to analysts at Fitch Ratings in London.
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Senior noteholders in DSB Bank’s troubled Chapel 2003-I B.V. securitization want to overhaul transaction documents to help boost disclosure, as the originator faces potential duty of care claims that could affect the performance of the deal.
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The collateral backing a $203 million securitized in CSMC 2007-TFLA was sold for $396.2 million, in what may be a good sign for a heft of maturing floating-rate loans coming due this year.
