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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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Defaults on large loans in Japanese commercial mortgage-backed securities continue to rise, accounting for 59% of the total outstanding loans at the end of April, according to Moody’s Investors Service.
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American International Group has purchased about 50% of the legacy bonds sold by the Federal Reserve Bank of New York from Maiden Lane II since February.
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Credit Suisse has scooped up Roger Lehman, the head of commercial mortgage-backed securities research away from Bank of America, as part of its move to reboot its CMBS group (TS, 4/21).
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Broker-dealer MF Global Holdings has added three new sales recruits to its securities team in the advent of a four-fold expansion as it builds up its mortgage- and asset-backed securities team.
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Defeasance among loans in U.S. commercial mortgage-backed securities surged in 2010 to 2.8 billion, up from $1.3 billion the preceding year, according to Moody’s Investors Service.
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Paper from the carved out banks holding distressed assets has fuelled trading in Europe’s secondary asset-backed securities sector, with bids-wanted-in- competition climbing to €392 million ($560 million) last week, the largest volume this year, according to traders and Citigroup data.
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Primary market activity in European structured finance is whirring back to action, with a handful of deals expected to price in the next few weeks.
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Delinquencies of loans in U.S. commercial mortgage-backed securities inched up just 1 basis point in April to 8.75%, as loan resolutions basically canceled out increases in late payments, according to Fitch Ratings.
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Federal regulators appeared to be split over how much to disclose of the criteria they plan to use to determine which nonbank financial firms are considered systemically important, and therefore subject to tougher capital standards and regulations.