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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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Noteholders of the €1.5 billion ($1.67 billion) Windermere XII commercial mortgage-backed securities have voted to appeal a decision by the French Commercial Tribunal, which has placed insolvency proceedings in the hands of the borrowers and the owners of the properties backing the deal.
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Markit plans to launch an evaluative pricing service for nonagency collateralized mortgage obligations in the first or second quarter.
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New provisions in J.P. Morgan Chase's $500 million securitization with Inland Western Retail Real Estate Trust are paving the way for investors to jump back into the commercial mortgage-backed securities market by raising the bar on new issuance.
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Senior investors in the £1.15 billion ($1.90 billion) White Tower 2006-3 are set to pass an amendment to the commercial mortgage-backed securities’ documents governing the order of payments that could save the class from an a technical event of default.
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Nomura Securities International has hired Ohmsatya Ravi, head of mortgage-backed securities research at Bank of America Merrill Lynch, to head its securitized products research group.
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Price talk on the two tranches of AAA-rated bonds from J.P. Morgan Chase’s $500 million commercial mortgage backed securitization with Inland Western Retail Real Estate Trust are around swaps plus 150 to 165 basis points for the $58 million A-1 portion and 205 to 220 basis points for the $330 million A-2 tranche, reflecting significantly tight pricing.
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Windermere XII, issuer of €1.5 billion ($2.16 billion) commercial mortgage-backed securities, wants permission from noteholders to again challenge the French Commercial Tribunal.
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A mezzanine debt buyer has scooped up a majority of the $47 million BBB-rated portion of Fortress Investment Group’s $460 million commercial mortgage-backed securitization through Bank of America.
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Sarah Smith, former London-based head of international finance at Sidley & Austin, has been made a partner at law firm Bingham McCutchen.