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Latest news
US market remains the model as template issuance takes shape
Deal is backed by three data centers in Virginia, Illinois and Atlanta
Tightest CMBS print in nearly a year ahead of Yondr data centre ABS debut
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Pepper Money has mandated Citi and National Australia Bank as arrangers for its non-conforming UK RMBS deal Polaris 2019-1, the first securitization of loans originated by Pepper UK in the region and the first from the issuer to be pegged to Sonia. -
Goldman Sachs announced on Friday that it is arranging a £282.8m CMBS named Cold Finance, a refinancing of a single loan to warehouse specialist Lineage Logistics. The deal has five rated tranches including a triple-A rated senior tranche.
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The Securities and Exchange Commission (SEC) said on Thursday that it was charging Robert C. Morgan, a commercial real estate developer who carried out substantial business with the government sponsored agencies' CMBS platforms, with Ponzi scheme-like fraud. The regulator has demanded an asset freeze and other civil penalties.
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Blackstone’s €222.23m Deutsche-led Vivaldi CMBS was priced on Tuesday evening, with senior notes sold at 190bp over three month Euribor, wide of the 100bp mark the issuer was aiming for at price guidance.
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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.
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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.
