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CMBS

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  • Five commercial and residential mortgage-backed securities deals worth approximately $12 billion have been pulled from the market in the last week as spreads widened globally.
  • Analysts at Barclays Capital believe there will be fewer GBP-denominated but more Euro-denominated commercial mortgage-backed securitizations issued in the second half of 2007.
  • Time ran out for several CMBS conduit houses this week as the remaining investors willing to buy CMBS began to shut up shop for the summer.
  • Credit Suisse’s £778.8 million U.K. commercial mortgage-backed securitization, Titan Europe 2007-3, has priced wider than market talk.
  • The €1.52 billion ($2 billion) Windermere XII commercial mortgage-backed securitization – which came to market in July – has reportedly been pulled from the marketplace.
  • The first half of 2007 has seen record level of issuance for European commercial mortgage-backed securities with volumes soaring to €34.5 billion ($47.5 billion) by the end of June, an increase of 93% over the same period in 2006.
  • Investors exercised their leverage this week, forcing several CMBS issues to pay up heavily to clear.
  • Morgan Stanley has issued price guidance on ELoC 28, a Eu1.1bn European CMBS.
  • Securitization firm Eurotitrisation is coming to market with Windermere XII, a €1.52 billion ($2.1 billion) deal backed by commercial mortgages of the most expensive property yet to be securitized in Europe, the Coeur Défense complex.