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CMBS

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  • More tender offers on synthetic commercial mortgage-backed securitizations could be in the cards after HSBC Bank launched a buy-back offer for its Nemus 2006-1 U.K. synthetic CMBS deal.
  • Future issuance from U.K. retail lender Northern Rock’s Gosforth securitization program is unclear following the sale of the bank to Virgin Money.
  • Europe’s securitization market will continue to see new issuance until year-end, but the bulk of those deals are expected to be privately placed, according to London-based ABS professionals.
  • Whole business securitization structures could offer an alternative funding route for OpCo-PropCo structures struggling to secure refinancing, according to officials at Bishopsfield Capital Partners in London.
  • Commercial real estate collateralized debt obligation delinquencies inched up for the second consecutive month, according to a report from Fitch Ratings.
  • A property securitized in Credit Suisse’s Titan Europe 2006-3 commercial real estate deal is set to be sold off after Hatfield Philips, the special servicer, obtained a court order to force a compulsory auction of the single asset backing the Quelle Nürnberg Loan property.
  • Freddie Mac will begin securitizing previously delinquent mortgage loans that have reclaimed their performing status.
  • Freddie Mac has announced that beginning this month it will start securitizing mortgages that had been delinquent but have returned to performing status.
  • A loan underpinning Morgan Stanley’s pan-European Silenus (European Loan Conduit) ELoC No. 25 commercial mortgage securitization has been given a six-month extension after the borrowers failed to pay at maturity.