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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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Europe’s commercial mortgage-backed securities market is expected to see a further dip in issuance volumes this year following the lowly 2010 levels. But clearer, simpler CMBS structures could re-emerge as a positive for the sector, according to Barclays Capital analysts in London.
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Banks are likely to return to the consumer asset-backed securities market in 2011 as consumer confidence returns and lending institutions look beyond retail deposits to fund their lending books, according to members of the 2011 Market Overview panel at the ASF2011 conference in Orlando, Fla.
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Tom Deutsch, executive director of the American Securitization Forum, has served as the industry's point man as it grapples with a myriad of new rulemaking initiatives under the landmark Dodd-Frank Wall Street Reform And Consumer Protection Act.
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Ambra Paterno-Castello, a commercial mortgage-backed securities trading head at Deutsche Bank in London, has switched roles within the firm to a standalone desk.
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Tesco, the UK supermarket firm, made its fourth visit to the structured finance market this week, achieving its tightest pricing relative to its senior unsecured levels yet after a blowout success that boasted 123 orders in a book three times oversubscribed.
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German property company GSW Immobilien said this week that it obtained Eu875m to refinance the GSW whole loan which was securitised in Fleet Street One and Windermere IX. The deal points to improved financing conditions in the real estate market, which could see other CMBS successfully refinanced.
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GSW Immobilien, the borrower on a €935 million ($1.2 billion) loan securitized in both the Fleet Street Finance 3 and the Windermere IX German commercial mortgage-backed deals, has bagged an eight-year, €875 million ($1.19 billion) syndicated loan to refinance the debt.
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Tesco Property Finance’s fourth capital markets outing was a blowout success, with an orderbook three times oversubscribed, and 123 orders in the book. The £685.1m 22.4 year expected life bonds are fully backed by Tesco, but if Tesco goes bust, investors have recourse to the underlying assets.
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Securitization duo James Croke and Peter Manbeck have joined the New York office of Chapman and Cutler as partners focusing on a range of asset classes, including the growth of the firm’s asset-backed commercial paper conduit business.