Latest news
Latest news
The rise of the European master trust and the CLO market nears shut down
The trade is EdgeConneX’s euro debut, the first Dutch data centre ABS, the first data centre CMBS structure and the first master trust structure
'Super wide' guidance on triple-As brings in orders twice the tranche size
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CMBS issuers are set to open up the primary market in August this week with four conduit transactions and a single borrower deal totaling just over $5bn, in what is likely to be a last burst of CMBS issuance for the summer. -
Man GLG, the investment management business of Man Group has hired Patrick Kenney and Santiago Pardo, both of whom will focus on non-US stressed, distressed and opportunistic credit globally.
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The EMEA CDS determinations committee will rule on whether German heat exchanger manufacturer Galapagos defaulted on its bonds by missing coupons on June 15. The committee will meet on Friday to decide whether a “failure to pay” event has occurred.
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Hoist Finance, a Sweden-based debt restructuring firm, has been marketing its debut securitization — an essential move in the firm’s attempt to recover from a regulatory broadside which landed last year.
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Morningstar Credit Ratings and DBRS have announced the appointment of the heads of their combined RMBS and CMBS groups following Morningstar’s acquisition of its Canadian rival in May.
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A loan on the Westfield Stratford shopping centre in East London, last securitized in a 2014 CMBS, is being refinanced, with BNP Paribas and HSBC announced as arrangers for a new £750m ($940m) dual tranche offering.
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Greencoat Investment, a vehicle associated with Rizwan Hussain's attempts to take control of a pre-crisis CMBS, was dealt a blow this week when a court rejected its application to put the deal into administration. The move, for now, puts paid to efforts to persuade bondholders to tender their holdings.
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Citi is preparing to issue CGCMT 2019-PRM, a $278m single borrower CMBS deal backed by a portfolio of self-storage properties.
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German heat exchanger firm Galapagos, which is deep in negotiations over a debt restructuring, accidentally paid a coupon to bondholders last month, despite a deal with secured creditors to waive the payment ahead of a bid to tackle its debt load. Meanwhile, unsecured bondholders rejected proposals from the company and its secured creditors, leading to a threat from Galapagos that the bondholders will be wiped out.
