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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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The US federal government issued tax guidance for Opportunity Zone funds last week, leaving commercial real estate debt brokers and investors to eye up what this "opportunity" will mean for them. -
Arrow CMBS 2018, a new French CMBS sponsored by Blackstone, aims to put the pre-crisis problems of the French market, exemplified by the drawn-out litigation over Lehman’s Coeur Defense deal, behind it, using a “double Luxco” structure to reassure investors that they will be able to enforce security.
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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.
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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.
