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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Morningstar Credit Ratings has hired Kurt Pollem to head up its CMBS and commercial real estate (CRE) ratings, the company announced on Monday. -
A posterchild for post-crisis construction and commercial real estate lending, Bank OZK hit a major bump last week as it reported a drop in quarterly net income of 22.7%, marking one of its worst quarters in recent memory.
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A pair of conduit CMBS deals emerged this week, but volumes of the once staple product of the commercial real estate bond market are lagging last year's figures as floating rate CRE CLOs and single asset deals draw more attention.
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The Wall Street Journal reported on Tuesday that Rialto Capital, a financial subsidiary of US home builder Lennar Corporation, may be sold off to Stone Point Capital, a private equity firm with a substantial footprint in the US real estate market.
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The US securitization market is enjoying the usual post-Miami conference pick-up in activity, with as many as 17 deals lined up to be priced this week.
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Market volatility has cut into global bond volumes this year, with trade tensions weighing on S&P Global’s issuance outlook for the remainder of the year, but strong CLO activity and a growing esoteric ABS sector have helped the securitization market buck that trend.
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Commercial real estate CLOs have boomed as an asset class in 2018 and have been a major driver of steepening competition among CRE lenders. But investors and issuers at CREFC’s inaugural CRE CLO conference in New York highlighted that there are still speed bumps that may prevent the market from taking off in 2019.
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While job growth and economic expansion in New York City are still strong, a number of headwinds including rapidly increasing supply and slumping rents may put investors at the bottom of the capital stack at risk, said commercial real estate analysts at Amherst Capital.
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Real estate investment trusts (REITs) with ties to private equity firms such as KKR, Apollo Global Management and TPG Capital are originating loans at a blistering pace this year. To keep up, some life insurers and balance sheet lenders are mulling using leveraged instruments that non-traditional lenders are popularising.
