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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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Around £1bn worth of CMBS deals could be subject to cash traps, withholding payments to certain parties in the transaction, in coming months with the UK in lockdown to stop the spread of coronavirus. -
The US CMBS market, with its heavy dependence on corporate tenants to keep the cash flows to bond holders coming, is being buffeted by the turmoil stemming from the crisis in recent weeks, with the market exposed across dozens of deals to two particularly ailing sectors — airlines and oil and gas firms.
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Lloyds is among several lenders to announce that it will join NatWest, TSB and Nationwide in allowing borrowers affected by the coronavirus to take payment holidays on their mortgages, but that has raised legal questions for RMBS deals if borrowers require deferrals beyond the three month relief period.
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Bank of America is roadshowing Taurus 2020-1, a Blackstone-sponsored European CMBS and the first from the Taurus shelf to be backed entirely by Dutch properties.
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Commercial real estate finance firm Sabal Capital Partners came to the market this week with its first conduit CMBS transaction, a debut in a market dominated by the largest US and European banks.
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Barclays and JP Morgan were this week marketing the senior notes of Futura 2019 for Guber Banca and Varde at mid-300bps over six month Euribor. The deal gives investors a rare chance to buy publicly syndicated investment grade exposure to Italian non-performing loans.
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Link Group said it has agreed a €165m deal to acquire Pepper Group’s European loan servicing, asset management and advisory business, which will create a servicing group managing €130bn in assets.
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The first European CMBS of 2020 was priced well inside initial price thoughts last week but, although the deal was also the first green-marketed CMBS deal in Europe, market participants said it was difficult to tell how much it benefited from its ESG credentials.
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Deutsche Bank has syndicated part of the financing for Cerberus’ acquisition of a large pool of real-estate owned properties (REOs) — houses — from Banco de Sabadell late last year, as part of the bank’s disposals of non-core assets.
