Latest news
Latest news
Blackstone priced its social housing CMBS while Yondr debuted in data centre ABS
Blackstone is targeting a quicker than usual three day execution
Triple-As were priced at 170bp over Sofr, close to guidance
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Commercial mortgage-backed securities investors may be taking too much of a risk when they buy newly issued AAA-rated bonds at a premium.
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Noteholders in the troubled Alburn Real Estate Capital 6 (REC 6) CMBS were discussing whether to accept a tender offer backed by Highcross, a real estate investment fund, this week. This is one of the first CMBS where a third party has put in capital with a view to buying out the whole loan.
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The American Securitization Forum has warned the Financial Stability Oversight Council not to distort the Congress-included securitization exemption while interpreting the Volcker Rule.
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Investors are happy with the National Credit Union Administration’s flood of wrapped mortgage resecuritizations, saying the steady stream hasn’t been a case of oversupply.
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The Royal Bank of Scotland has bought more than 25% of the class A bonds in the Alburn Real Estate Capital (REC 6) commercial real estate securitization, putting it in position to block a tender offer made by the issuer and potentially flip the notes for a profit at a later date.
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Bondholders in the lower end of the capital stack in the troubled Alburn Real Estate Capital (REC) 6 deal would likely green-light the tender offer recently pitched to investors by the issuer, but the decision for those in the senior classes “is less clear cut,” according to commercial real estate analysts in London.
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Alburn Real Estate Capital (REC) 6, a commercial mortgage-backed securitization originated by NM Rothschild, is tendering to buy back notes from bondholders, according to a tender offer obtained by TS.
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Italy’s Banca Monte dei Paschi di Siena is gearing up to market a €1.67 billion ($2.34 billion) securitization of a single property loan backed with branches and offices occupied by the firm.
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An overhaul of European floating-rate commercial mortgage-backed securities structures is being plotted by market players.