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CMBS

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  • Not all specially serviced commercial mortgage-backed securities loans characterized as in imminent default are in fact in danger of defaulting.
  • Demand for top-rated notes from a new $2 billion commercial mortgage-backed 144a securitization rolled out by JPMorgan and Deutsche Bank for hospitality chain Extended Stay Hotel is outstripping supply by five times, according to traders.
  • The National Credit Union Administration’s second resecuritization of seized credit union assets, a $3.76 billion wrapped offering of commercial mortgage-backed securities, has been increased by almost $1 billion.
  • U.S. structured finance transactions using interest and currency swaps could become less economical to issue if proposed rules on clearinghouses come into effect, according to a Standard & Poor's analyst.
  • The DT-12 loan in German CMBS Talisman 4 is on the verge of breaching its loan to value covenant after a revaluation of the underlying properties.
  • Price talk on the $735.87 million commercial mortgage-backed securities deal from a Wells Fargo-Bank of America (TS, 10/25) partnership is coming in slightly tighter than an $856.6 million securitization from Deutsche Bank that was completed last week.
  • A spike in litigation is anticipated for Europe’s commercial mortgage-backed securitizations as investors increasingly take hits on troubled transactions.
  • Noteholders in the large GSW Immobilien loan securitized in two commercial mortgage-backed securitizations, the €1.3 billion ($1.8 billion) Windermere IX and the €1.11 billion ($1.5 billion) Fleet Street Finance 3, were alerted yesterday by the deals’ servicers to potential impacts of any loan modification scenario initiated by the borrower.
  • Junior noteholders in the £707.76 million ($1.088 billion) U.K. commercial mortgage securitization Windermere XI are not expected to take an immediate hit from the recent sale of a property underpinning the trade, according to CMBS specialists in London.