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Latest news
Investors are vying for 8% yield papers.
Deals at the double as mall-backed issuance creeps up
Sponsors also inject $35m of equity
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There have been over five CMBS announcements in the past week, making the second quarter of 2019 one of the busiest times in European CMBS since the crisis. But despite the surge of activity, some on the buyside say they are approaching the market with caution. -
A post-crisis CMBS loan tied to a UK retail property has defaulted, only the second CMBS 2.0 default seen to date, pointing to continued weakness in the retail sector.
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The European CMBS market has defied its ineligibility for the European Securities and Markets Authority's (ESMA) new ‘simple, transparent and standardised’ (STS) securitization framework intended to boost confidence in the market. The asset class that appeared dead and buried after the financial crisis has outpaced other asset classes in recent times. But the resurgence did not stop one deal this week from suffering heavy investor scrutiny, writes Tom Brown.
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European commercial mortgage-backed securities (CMBS) have enjoyed a revival of late, despite the battering they took during the crisis years. Although regulators excluded the asset class from the Simple, Transparent and Standardised (STS) framework, it has shown that a select band of specialist investors is enough to get by in post-crisis securitization markets.
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Morgan Stanley is bringing a £235.1m CMBS to market, securitizing a single loan financing the acquisition of a portfolio of UK warehouse properties by Blackstone.
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HSBC is out with an Irish commercial mortgage securitization, Pembroke Property Finance, backed by loans sold by Finance Ireland Credit Solutions.
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Bank of America Merrill Lynch is bringing a €300m Italian CMBS, with TPG Sixth Street Partners as sponsor. The deal comprises four loans backed by 648 mixed-use assets located throughout Italy originated by Zodiac Holdings and Nucleus Investments.
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Blackstone is suing Urbano Cairo, chairman and controlling shareholder of Italian publisher RCS Mediagroup, citing loss of opportunity for Blackstone and its investors to sell a property acquired from RCS in 2013.
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A consortium of banks is preparing to issue a $1.15bn single borrower CMBS deal backed by a portfolio of showroom properties owned by Blackstone.
