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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Noel Smyth, the property developer behind troubled CMBS REC 6, caused "fireworks" in a bondholder meeting this week. Smyth disputed figures provided by independent real estate advisor CB Richard Ellis, which said that £41m of capital expenditure would be required by the properties backing the REC 6 CMBS. He claimed a lower figure, including a rent-free period to deal with some leases on the properties which are due to run off.
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The Fleet Street Finance One CMBS could be enforced in the new year, as scarce real estate credit means the sole asset in the transaction is struggling to refinance, despite healthy cashflows and a low leverage.
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GS Mortgage Securities Trust 2010-C2, the $876.5 million commercial mortgage-backed securities deal launched last week by Goldman Sachs and Citigroup, has priced, with the senior bonds coming in slightly wider than initial guidance.
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New York-based law firm Dechert has expanded its structured finance capabilities, hiring Laura Swihart, a partner at Winton & Strawn and a specialist in commercial mortgage-backed securities.
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Credit Suisse is bringing back its loan origination and new issue commercial mortgage-backed securitization platform two years after cutting the desk.
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Securitization markets in Europe are predicted to continue to recover in 2011, though wider macroeconomic changes will subdue issuance volumes, industry pros are forecasting.
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U.K.-based commercial property manager MEPC plans to prepay £102 million ($158.8 million) of the £470 million ($731 million) loan securitized in Eurohypo’s Opera Finance (MEPC) commercial mortgage-backed securitization.
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New issue subordinated pieces of commercial mortgage-backed securities and junior classes of collateralized loan obligations are tipped as attractive trades next year, according to a senior trader.
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Italy-based Banca Monte dei Paschi di Siena is primed to price its €1.67 billion ($2.34 billion) Casaforte Italian CMBS on Dec. 17 and close the notes Dec. 22, with the trade set to be publicly sold to the bank’s retail investors, rather than to the broader European ABS investor base.