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CMBS

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  • General Growth Properties, which filed for bankruptcy on Thursday, is attempting to claw back a number of commercial property loans that have been securitized by pulling them into its filing.
  • Songbird Estates’ buyback of three tranches from Canary Wharf Finance II eventually saw £119.7m notional being tendered for a consideration of £35.5m, excluding accrued interest.
  • Nearly 230 tranches of Japanese commercial mortgage-backed securities may see their ratings cut as conditions deteriorate in the Japanese real estate market.
  • Issuers of a Lehman Brothers-arranged commercial mortgage securitization are having difficulties finding replacement swap providers for the deal and have announced one may not be found for several months.
  • Neil McPherson, managing director at NewOak Capital, is headed for Markit.
  • Globe Pub Issuer, the whole business securitisation of Globe Pub Company, the pub operator owned by entrepreneur Robert Tchenguiz, has announced an event of default on £257m of debt.
  • Terra Firma’s Monterey Finance vehicle bought back Eu280m in principal of notes from its CMBS vehicle, Grand Residential Asset Note Distributor (Grand), on Friday (April 3).
  • Commercial mortgage-backed securities have higher coupons, more stable cash flows and a more remote risk of losses than other assets that are eligible for inclusion in the Treasury's Public Private Investment Partnership.
  • Canary Wharf Finance (Investments) Ltd has invited investors to sell their notes in Canary Wharf Finance II CMBS. It is offering to buy back up to £40m of the £104m class ‘B3’ notes, up to £100m of the £275m class ‘C2’ notes and £45m of the £125m class ‘D2’ notes.