Latest news
Latest news
Deals at the double as mall-backed issuance creeps up
Sponsors also inject $35m of equity
UBS headquarters among deals in enthusiastic SASB market
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Blackstone has announced a £323.1m ($447m) UK CMBS backed by 45 logistics properties across the UK, mandating Bank of America as arranger and Barclays as joint lead for the deal. -
Conor Downey, a veteran of the CMBS and commercial real estate markets, has left Paul Hastings to join Gunner Cooke, a law firm that operated letting partners keep all of their earnings after paying a flat fee into a central pot.
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GlobalCapital is pleased to invite nominations for its 2021 European Securitization Awards, seeking to recognise the most notable and innovative deals, banks and market participants of 2020. We would also welcome pitches for Overall Securitization Bank of the Year, Securitization Deal of the Year, and Private Securitization of the Year.
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When the year began, the European securitization market forecast a busy year for itself. Issuance levels in markets from synthetic risk transfer to CLOs had broken issuance records in 2019, with the year ahead expected to match if not outpace the previous year's volumes. Instead, the market found itself grappling with an outbreak which would close up issuance for months and set a new course for ABS. Linked below is a collection of GlobalCapital’s best securitization articles of 2020.
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The European Commission’s plans to tackle the mountain of non-performing loans that are expected next year as government support schemes roll off have been criticised as unambitious. They have been dismissed as containing little beyond a review of proposals that have already been unveiled.
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The Canada Pension Plan Investment Board (CPPIB) has taken over Manchester’s Trafford Centre after failing to find an alternative buyer. It chose to acquire the property after the collapse of shopping centre owner Intu.
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Axactor, a Norwegian debt purchaser firm, has launched a refinancing of its €200m 2021 bond alongside a rights issue, and a clean-up of its capital structure, which will "increase its capacity for new investments in a highly attractive NPL market".
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The Basel Committee has backed down from tough new changes which could have raised the costs of financing non-performing loan portfolios, allowing banks to use external ratings to assess the risk of NPL securitizations.
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Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.
