Latest news
Latest news
Karen Anzalone joins law firm's structured finance and securitization practice
Most classes land inside guidance after Barclays reopened conduit primary at even tighter level on Friday
Protections for special servicers challenged
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Consumer spending habits have changed beyond recognition since the financial crisis 10 years ago. US households are more wary of debt and are turning away from many of the traditional avenues of spending that have driven ABS markets for decades. While the market has come back since the depths of the crisis, securitization in 2019 is a different beast. -
Securitization markets involve some of the most esoteric, obscure parts of investment banking. Traders and bankers rarely court publicity, while deals are placed to a specialist subset of the fixed income buy-side. Yet, 10 years after the financial crisis, securitization affects almost every part the real economy.
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Momentum behind opportunity zones — geographic designations meant to draw in real estate investors through tax breaks — is building after the White House announced on Wednesday that it was establishing an Opportunity and Revitalization Council to foster public investments in qualified opportunity zones.
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After snapping up around €100bn of ABS this year, investors are preparing to shut their books in the run up to year end. The last remaining CMBS deal in the pipeline — Taurus 2018-3 DEU from Bank of America Merrill Lynch — was priced on Wednesday with senior tranche demand just over the threshold and junior spreads offered at wider levels compared with initial price talk.
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The Secured Overnight Financing Rate (Sofr), the chosen alternative to dollar Libor rates, has shown more volatility, spiking to an all-time high toward the end of last week before moving back down this week.
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Salus European Loan Conduit No. 33 DAC, a £367m single asset CMBS, was priced last Friday with marks from Kroll Bond Rating Agency. It is the first European CMBS deal to be rated by the agency since it opened its European operation in 2017.
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Fitch Ratings announced on Thursday that it has downgraded four classes of a conduit CMBS deal issued in 2014, with the move driven primarily by troubles at a mall in Pennsylvania that backs one of the loans in the deal.
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Starwood Capital Group announced on Wednesday that Armin Rothauser will be joining the firm in January to lead Starwood’s newest lending group in transportation, infrastructure and energy.
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US conduit CMBS spreads are hovering around their widest levels since the middle of 2017, having been driven out by macroeconomic volatility that has leaked into fixed income in recent weeks.
