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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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Fitch downgraded the senior notes in Alburn Real Estate Capital’s REC 6 CMBS from ‘A’ to ‘BB’ on Tuesday because "the prospects of further weakening in sentiment and substantial workout costs means that further sharp declines in value cannot be ruled out from Fitch’s rating analysis".
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Peter Hirsch, former head of G-10 and emerging markets rates trading in the Americas at Standard Chartered Bank, has joined RBC Capital Markets, the investment banking arm of the Royal Bank of Canada.
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Rohit Kumar, former director and head of agency collateralized mortgage obligation trading at Barclays Capital, has moved to UBS to run its collateralized mortgage obligation trading desk, according to a market official.
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The investor base for residential mortgage-backed securities is shifting from fast money to longer-term asset management and real estate investment trusts, according to John Sim, managing director and MBS analyst at JPMorgan, at the bank’s annual Securitized Products Research Conference on Wednesday.
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Investors in Nordea Bank’s pan-Nordic commercial mortgage-backed securitization, Midgaard Finance, are said to be pleased with the proposed buy back of the €155 million ($224.8 million) class A2 notes announced last week.
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The sweep of regulatory reforms affecting securitization in Europe and the U.S. still carries the risk of regulatory arbitrage thanks to differences in policy between the two regions, market professionals warned Tuesday.
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Low-income borrowers who qualify for Ginnie Mae residential mortgage loans could be among the U.S. borrowers most affected by the Dodd-Frank Act’s regulations governing risk retention and minimum down payment requirements, according to Greg Reiter, agency mortgage-backed securities strategist at the Royal Bank of Scotland.
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The U.S. Federal Reserve and BlackRock made it clear to major broker-dealers and investment banks that they needed to submit bids in the first two rounds of auctions of the $30 billion Maiden Lane II portfolio if they wanted to participate in further auctions, according to a New York-based investor that looked at the bonds.
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Achmea Hypotheekbank intends to redeem all the notes from its Dutch Mortgage Portfolio Loan (DMPL) 4, a 2004-vintage residential mortgage-backed securitization, in a buyback scheduled for next month.