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CMBS

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  • The European commercial mortgage-backed securitization pipeline has dropped from €4.5 billion ($7 billion) midway through first quarter to zero, according to research by Société Générale.
  • Merrill Lynch and Saudi Arabia’s Al-Rahji Bank have priced a $190m non-recourse sukuk for Gulf Holding Co, a Sharia-compliant Kuwaiti real estate firm.
  • A new conduit deal from Lehman Brothers and UBS is seeing price talk of swaps plus 210 for the benchmark 30% subordination, 10-year, AAA-rated bonds.
  • HSBC is considering a securitization to refinance the £810 million ($1.6 billion) in debt it provided as part of the deal to sell its headquarters, HSBC Tower, in Canary Wharf last May.
  • Markit, the administrator of the CMBX index, has postponed the rollout date for CMBX 5 from April 25 to May 13.
  • Billy Procida has sold his interest in Palisades Financial, the real estate lender he founded more than 10 years ago, and is set to launch William Procida, Inc., a new firm that will focus on fixing troubled commercial real estate projects.
  • AAA-rated U.K. CMBS deals at current property yield levels should not get hit with losses, according to Fitch Ratings.
  • Commercial mortgage-backed securities teams across major European banks will be downsized substantially over the next two weeks and possibly into May, according to market chatter.
  • A look at commercial mortgage-backed securities performance in the first quarter has led analysts at Citibank to conjecture that the worst may be over for the market.