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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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Sabal Capital Partners, a small balance commercial real estate lending company, has started a private CMBS conduit, with the aim of aggregating collateral and issuing a securitization by the end of this year. -
The repayment of the first European multi-loan CMBS since the crisis is mired in a legal tug-of-war between Blackstone, the deal’s sponsor, and Italian media group RCS, which is chaired by Urbano Cairo, a former assistant to Silvio Berlusconi.
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The US CMBS sector is off to a strong start in February following a slower than usual opening to the year, with issuers enjoying heavy oversubscription levels and tight spreads for deals in the market at the start of the week.
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Issuers priced the first two conduit CMBS offerings of the year on Friday afternoon, placing the benchmark triple-A notes at considerably tighter levels compared to the last deal of 2018.
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While capital markets recover from November and December’s year-end volatility and investors are learning to look on the bright side again, commercial real estate financiers meeting at the annual CREFC conference in Miami this week were dealing with the difficult reality of a potentially overvalued market and more competition to close deals.
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The US commercial mortgage-backed security (CMBS) market is moving cautiously into 2019, and fears of widening spreads and shrinking market share compared to other forms of real estate debt capital are sure to be on the minds of attendees at the annual CRE Finance Council (CREFC) industry event in Miami next week.
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Consumer spending habits have changed beyond recognition since the financial crisis 10 years ago. US households are more wary of debt and are turning away from many of the traditional avenues of spending that have driven ABS markets for decades. While the market has come back since the depths of the crisis, securitization in 2019 is a different beast.
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Securitization markets involve some of the most esoteric, obscure parts of investment banking. Traders and bankers rarely court publicity, while deals are placed to a specialist subset of the fixed income buy-side. Yet, 10 years after the financial crisis, securitization affects almost every part the real economy.
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Momentum behind opportunity zones — geographic designations meant to draw in real estate investors through tax breaks — is building after the White House announced on Wednesday that it was establishing an Opportunity and Revitalization Council to foster public investments in qualified opportunity zones.
