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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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Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch. -
The UK government unveiled proposals last week meant to protect retailers from liquidation if the coronavirus lockdown results in them being unable to pay rent. Landlords already bloodied and bruised from years of tenants negotiating debt writedowns, are next in line though if rental cashflows cease.
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British retail lobbying groups are clamouring for government support as tenants struggle to cover rent in the month since the lockdown began. But market players say help for the sector is unlikely, and CMBS is preparing for widespread delinquencies as the shutdown extends.
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The Federal Reserve on Thursday announced that the Term Asset Backed Lending Facility (TALF) will be expanded to include triple-A rated CMBS and CLO paper as eligible collateral, part of another sweeping set of relief measures to support the economy as damage from the virus pandemic mounts.
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Fitch Ratings has downgraded bonds from three UK CMBS transactions, while also lowering ratings for three Italian CMBS deals, as the sector continues to suffer the effects of the coronavirus pandemic.
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The CMBS market is preparing to face a potential wave of missed loan payments in April, with 2,600 CMBS borrowers requesting some sort of relief in March, according to Fitch Ratings.
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The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.
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A loan backing a post-crisis UK CMBS has suffered its second event of default (EOD) in 12 months, after being cured once. The Maroon Properties backing the deal saw a valuation decrease of £17.1m, triggering a loan to value covenant breach on Wednesday.
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The Federal Reserve continued its roll-out of initiatives to support the economy through the Covid-19 crisis this week, including the revival of the term asset-backed loan facility (TALF). However, market participants say the program is incomplete as long as it omits certain asset classes, specifically private label CMBS, and worry that some sectors will buckle without the support of the central bank.
