Latest news
Latest news
Green securitizations have been prominent in CMBS this year
Rating cut as note pays more interest than planned
Inflation caused by war threatens budding recovery in commercial real estate
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Europe could see a spurt of primary securitization issuance before the introduction of the U.S. Securities and Exchange Commission’s reforms, according to Fitch Ratings.
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The use of asset-backed securities as collateral in the European Central Bank’s repurchase facility decreased in 2009, knocking the instrument off the top of the preferred asset list.
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Spreads on commercial mortgage-backed securities saw considerable fluctuation this week that was driven in part by the Securities and Exchange Commission’s civil suit against Goldman Sachs.
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Morgan Stanley is looking to rebuild its commercial mortgage-backed securities team as the sector’s vital signs improve.
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Pierre Mendelsohn, London-based managing director and head of Europe, the Middle East and Africa securitized products at Bank of America, has left the bank and will join Morgan Stanley in July.
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Asset backed securities have ceased to be the most common form of collateral used in the European Central Bank’s liquidity facilities, according to data published by the ECB this week. Uncovered bank bonds overtook ABS as the largest single asset class in the Eurosystem during 2009, as ABS’s share fell from 28% to 23%. The ECB attributed the decline to lower market values and increased haircuts as the absolute level of collateral submitted remained "stable" at Eu468bn. Overall, an average of Eu2.034tr of collateral was put forward by banks during the year.
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Vesteda, the Dutch residential real estate fund, has privately placed a Eu350m CMBS, the first European CMBS of the year and one of very few not backed by a credit tenant since the crisis.
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Europe’s commercial mortgage-backed securities industry needs to get back on track soon, before real money investors put their cash in other asset classes or invest in the U.S., according to Hans Vrensen, London-based global head of research at real estate advisory DTZ.
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StormHarbour Capital has added five ICP Capital structured finance professionals to its London operations.