Latest news
Latest news
Investors say data centre deals are pricing wider than other types of CMBS
Eight new managers have printed deals in 2026 with another, Oaktree, set to launch its inaugural deal.
Private credit managers have raised $16bn in north America this year while fund managers are sitting on a record $56bn globally of dry powder to deploy in commecial real estate
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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.
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Gatak Real Estate has upped its tender offer to buy back senior bonds in the £188 million ($305.5 million) Alburn Real Estate Capital (REC) 6 deal.
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Highcross and Gatak Real Estate have boosted their tender offer to the noteholders of the troubled Alburn Real Estate Capital 6 (REC 6) CMBS, giving class ‘A’ noteholders an extra 5% and adding an equity participation option for noteholders that don’t want to cash out. But with two blocking stakes in the class ‘A’s, the borrower may have to put more on the table.
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Matthew Natcharian, managing director at Babson Capital Management, says collateralized loan obligations offered with original issue discounts are a key to attracting investors in the post-crisis primary market. Natcharian, one of the market’s most active buyers of CLO tranches, said recent deals are bolstered by stronger structures than older vintages, but that total returns in the primary market could use the OID lift. -
The Equinox (Eclipse 2006-1) commercial mortgage-backed securitization is close to offloading three more properties from its defaulted MacAllan portfolio.
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Price talk on senior bonds from Americold 2010 LLC Trust, a new $600 million commercial mortgage-backed securitization arranged by JPMorgan, stands between 155 and 180 basis points over swaps.
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Special servicer CB Richard Ellis Real Estate Finance has called for more innovation in CMBS workouts, and a shift away from loan extensions. In a report, the firm pointed to cumulative European CMBS maturities of Eu73bn to November 2016, with Eu21bn maturing in 2011.
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Specialist real estate and CMBS advisory firm Brooklands Partners is hoping to break the deadlock over LTV breaches on the Plantation Place CMBS. Noteholders are asked to waive LTV events of default for 22 months in return for a sale of the property, a waiver fee and a cash trap.
