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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Debt purchasing firms Encore and Hoist launched new refinancing transactions on Wednesday, taking advantage of good market conditions to strengthen their capital structures ahead of a likely NPL flood next year. -
With the UK in its second lockdown, there is growing frustration among commercial landlords that retailer tenants are taking advantage of payment waivers. It is vital for the health of the commercial real estate sector and the pension funds that finance it that this is not allowed to happen.
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European retail landlords are facing up to potential damage of Europe's wave of second lockdowns, with many tenants continuing to ask for full rent relief despite trading for three months at least over the summer, throwing the sector's long term health into doubt.
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The European Central Bank is offering renewed support to the idea of the EU creating a ‘bad bank’ or an asset management company to manage a flood of non-performing loans engulfing European banks, fuelling expectations that this will be part of the European Commission’s forthcoming NPL strategy. Jon Hay and Owen Sanderson report.
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Bank of America, Société Générale, and BNP Paribas are arranging a multi-jurisdiction CMBS backed by a portfolio of Blackstone-owned logistics properties.
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The Commercial Real Estate Finance Council (CREFC) has hired Christina Perez to its government relations team, bolstering the organization’s education and advocacy initiatives.
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Kanaal, a CMBS backed by shopping centres in the Netherlands, will skip this year’s property valuation for the largest loan, as “any valuation obtained in 2020 would not give a true representation of the market value that will be used for testing of the loan to value covenant”.
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Sage Housing, the for-profit social housing landlord owned by Blackstone, is marketing its first CMBS issue through Deutsche Bank — a sharply different approach to financing from its housing association peer group, which usually issue ultra-long secured corporate bonds rather than true securitizations.
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CMBS investors are not in favour of long term waivers for distressed transactions, and may expect the sponsor to inject additional equity into a deal in return for waiving defaults, said panellists speaking at S&P’s European Structured Finance Virtual Conference 2020.
