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CMBS

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  • Fannie Mae has issued a credit insurance risk transfer (CIRT) deal tied to an $11bn pool of multifamily loans, kicking off what the government-sponsored enterprise says will be a regular issuance program going forward.
  • Deal flow is picking up across US structured products midweek, with investors offered a smattering of securitized assets including a Sallie Mae private student loan deal and a non-agency RMBS offering from Flagstar.
  • According to regulatory filings with the SEC, JPMorgan plans to securitize a loan to Midwestern indoor waterpark operator Kalahari Resorts in SLIDE 2018-FUN, a single asset-single borrower CMBS deal backed by a three year loan that will help expand its recreational compound in Pocono Manor, Pennsylvania.
  • Flanked by mounting competition from other sources of funding and a growing preference from investors for short dated securities, the top of the of CMBS capital stack is struggling to generate demand.
  • European commercial real estate is posting strong returns, said Green Street Advisors in a note this week, with the real estate research and data company eyeing greater upside in European property markets compared to US counterparts.
  • Sole arranger Santander is out with an RMBS deal from its Holmes master trust, with two dollar tranches available as the bank hopes to tap strong US demand and further diversify its investor base.
  • CMBX spreads widened over the past week on the back of negative retail headlines from retailers such as JCPenney and Macy’s, marking the latest turn of the screw in what some have called this credit cycle’s Big Short.
  • Larry Brown, president and co-founder of Starwood Mortgage Capital, has announced that he will be retiring next year after more than thirty years in the commercial real estate business.
  • The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.