Latest news
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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Commercial mortgage-backed securities spreads tightened steadily last week despite the most active month of issuance in more than a year.
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Syndication officials are changing their marketing techniques to sell newly structured commercial mortgage securitizations to U.S. investors, providing the buy-side with loan-level data tapes and more transparent term sheets.
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Alburn Real Estate Capital, the borrower in the stalled Real Estate Capital 6 commercial mortgage-backed securitization, has pitched three restructuring plans to investors in a move to resolve the deal after its tender offer to buy back the notes collapsed last month.
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Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
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Inversiones Alsacia, a Chilean bus concession company, launched an innovative $464m securitisation this week. The 7.5-year deal was priced at 8%, with Bank of America Merrill Lynch, JP Morgan and Pierce, Fenner & Smith lead managing.
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Legacy CMBS deals are becoming more and more acrimonious, as CMBS investors lose patience with extensions and waivers. Noteholders in deals like REC 6 and Opera Finance (Uni-Invest) are struggling to find solutions that will return their principal, while borrowers exploit the divisions between noteholder classes to get more favourable terms. At the same time, a new generation of CMBS deals will seek to avoid the mistakes of the past, and the workout of White Tower 2006-3 shows that with the right conditions, investors will get their money back.
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Mill Valley, Calif.-based Redwood Trust, the sponsor of the year’s first private-label residential mortgage securitization, shifted from one ratings agency to another in order to get a better rating on its Sequoia Mortgage Trust 2011-1. -
A partnership between Wells Fargo Bank and RBS has priced WF-RBS Commercial Mortgage Trust 2011-C2, a $1.3 billion dollar commercial mortgage-backed securities deal.
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Deutsche Bank is said to be circling the maturing Centaurus (Eclipse 2005-3) commercial mortgage-backed securitization with the aim of refinancing the German multi-family deal and priming a new CMBS issue, according to a senior official close to the matter.
