Latest news
Latest news
Deal appeared on screens after its first book update
Last week Blackstone securitized Aria Resort in Vegas for $2.7bn in one of the largest hotel deals of the year
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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.
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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.
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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.
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Analysts at Bank of America Merrill Lynch argued on Monday that a tide of pressures — a flattening yield curve, trade wars and ballooning corporate bond issuance — will soon turn against the CMBS market. But some players in the sector claim the macro narrative is well overplayed.
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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Clifden IOM engaged in an “unprincipled asset grab” when it hurriedly arranged the appointment of a deal administrator for the Fairhold transaction, a High Court judge said on Friday. The real estate investment firm was defending an injunction sought by Fairhold, a pre-crisis distressed CMBS, and note trustee Global Loan Agency Services Ltd (GLAS) to prevent Clifden’s appointment of administrators.
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Instead of acting as the saviour of noteholders, Clifden was simply to trying to profit from the hurriedly arranged pre-pack administration of Fairhold, a pre-crisis CMBS now in distress, according to a judge in the UK High Court on Friday. It was an ‘unprincipled asset grab’, the judge told the court on the concluding day of the hearing.
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Clifden IOM’s claims to have appointed administrators to Fairhold Securitisation Limited, a CMBS issuer, were “fanciful” and “incredible” a court heard on Wednesday.
