Latest news
Latest news
◆ Solving order book attrition in the corporate bond market ◆ Signs of trouble in the tech debt boom ◆ The task before the EU's two newest chief regulators
Spreads have widened and GI Partners' $375m deal is moving slowly
Investors say data centre deals are pricing wider than other types of CMBS
More articles
-
Blackstone Group may have to offer more yield on its $7.4 billion commercial mortgage-backed securities in early June to boost investor confidence in its stand-alone deal, reports Reuters. Unlike the conduit structure of Wachovia Securities’ $7.9 billion sale, which involved multiple loans and borrowers, Blackstone-EOP’s transaction includes a single borrower, raising investor exposure in just one name. As a result, it is likely to require additional yield spread from investors, analysts said.
-
National Westminster Bank and RBS have originated a fully synthetic €1.1 billion ($1.75 billion) pan-European commercial mortgage-backed securitization, the first European CMBS transaction to include a loan secured by real estate assets in Greece. RBS arranged the deal.
-
The glut of supply took its toll on the CMBS market this week as several deals were priced at the wide end of guidance and spreads on triple-B notes in particular came under pressure from wide credit default swap levels.
-
Credit Suisse has come to market with a €1.6 billion ($2.14 billion) pan-European commercial mortgage-backed securitization notable for its diversity.
-
Blackstone Group may have to offer more yield on its $7.4 billion commercial mortgage-backed securities in early June to boost investor confidence in its stand-alone deal, according to Reuters. Unlike the conduit structure of Wachovia Securities’ $7.9 billion issue, which involved multiple loans and borrowers, Blackstone-EOP’s transaction includes a single borrower, raising investor exposure in just one name. As a result, it is likely to require additional yield spread from investors, analysts said.
-
In the three weeks since the rating agencies began tightening their credit standards on new commercial mortgage-backed securities deals, market participants are saying that the impact is already being felt.
-
The first project finance securitization in the Gulf region could hit the market by the end of the year and is being originated and arranged by Sumitomo Mitsui Banking Corporation Europe.
-
Merrill Lynch is lead-managing and arranging a £750 million ($1.47 billion) commercial mortgage-backed securitization that helps refinance the acquisition of four CenterParcs holiday villages in the U.K. by the Blackstone Group.
-
Aggressive underwriting will lead to increased defaults in the latest crop of loans earmarked for commercial mortgage-backed securities, warns Fitch Ratings, according to the National Real Estate Investor. The chief cause for concern is a reliance on continued property price appreciation to achieve positive cash flow. “Experience has taught us that continuously upward-trending rents and real estate values aren't guaranteed,” said Zanda Lynn, managing director at Fitch Ratings. “In the overly optimistic view of the market, future corrections or economic fluctuations are not contemplated.”