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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Tesco stepped up its quasi-CMBS programme this week, almost doubling its last deal to raise £950m backed by 41 UK supermarkets. The retail giant’s deal was effectively the year’s largest sterling corporate bond.
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At the eleventh hour, the restructuring of Fleet Street Finance No 2 has hit a stumbling block. The German CMBS is backed by properties occupied by insolvent retailer Karstadt.
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The long-running saga of Titan 2006-4FS, a UK care home backed CMBS which was among the first to run into trouble in the credit crisis, may be nearing its end. This week the issuer presented a restructuring proposal.
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U.K. supermarket chain Tesco is issuing to third party investors this year’s first newly structured commercial mortgage-backed securities, the £950 million ($1.43 billion) Tesco Property Finance 3.
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The Bank of England has urged smaller U.K. building societies to issue multi originator mortgage-backed securities to solve the country’s estimated £750 billion ($925 billion) refinancing requirement.
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How is trading CMBS today different than it was five years ago? There is significantly more price volatility today. A big part relates to the market meltdown and the anxious disposition of investors postmarket meltdown. In general, there is less overall confidence, which leads investors to want to shoot first and ask questions later. That is not only true for CMBS, but practically all financial markets.
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A key provision in the banking reform bill to exclude the commercial mortgage-backed securities market from a 5% retention requirement for securitizations has made it into the final version of the legislation.
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Standard & Poor’s will start rolling out its new structured finance identifier for all its newly rated securitizations from September.
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A disagreement between the Association for Financial Markets in Europe and the European Securitization Forum has developed over proposed changes to the post-trade disclosure regime for structured finance, the first split since the organizations merged last year.