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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Winthrop Realty Trust is leading a group of senior mezzanine debt holders to foreclose on Peter Cooper/Stuyvesant Town, a sprawling apartment complex in Manhattan's East Village.
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Co-Lender Agreements typically provide that any amounts due and payable to the master servicer or special servicer under the Pooling and Servicing Agreement of a CMBS deal with respect to the A/B loan are paid from collections on the A/B loan before the noteholders are entitled to receive payment.
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Some 30% of Moody’s ABS downgrades in 2009 resulted from methodology changes, the agency revealed this week. Weak collateral performance drove 76% of the 458 RMBS downgrades last year but only 44% in ABS, thanks to a reworking of the agency’s SME loan methodology affecting 163 tranches. The next largest factor in downgrades was counterparty risk, which was the main reason for 9% of downgrades in RMBS and 16% in ABS.
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London-based financial boutique AgFe has expanded its securitization division with three hires and the acquisition of commercial real estate debt management company Burfield Capital Partners.
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The American Securitization Forum has asked the Federal Deposit Insurance Corp to delay implementing its stringent new standards for securitisations to qualify for safe harbour protection in an originator’s insolvency. In December the FDIC published a sample regulatory text which suggested rules that might be used to determine whether bank securitisations would be eligible for safe harbour from clawback. The accompanying advance notice of proposed rulemaking said that the standards chosen would apply to new deals from the end of March 2010.
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Nixon Peabody plans to expand its new securitization and structured finance practice into commercial mortgage-backed securities this year as the company sees activity picking up in that sector.
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Assured Guaranty has tapped Nicholas Proud, a London-based managing director in its structured finance division, to head the company’s international credit enhancement business.
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A bond backing a portion of Peter Cooper/Stuyvesant Town’s defaulted $3 billion senior mortgage was rejected by the New York Federal Reserve in December’s TALF subscription period.
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A flurry of new commercial mortgage-backed securitizations are seen as breathing life back into the stalled CMBS market, with investors and lenders welcoming the new activity and a more upbeat tone for 2010.