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Latest news
Sponsor takes advantage of turnaround in sentiment to bring back previously postponed super mall trade
Lower classes in $650m green SASB for Boston trophy office building were preplaced
Investors invited to site visit to facilities in Berlin and Frankfurt
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The growth of online shopping has fuelled a surge in appetite from all types of investors for industrial warehouse and fulfillment properties. Life insurance companies have typically dominated in this sector, but CMBS lenders are now taking a bigger share — reflecting the tight pricing on offer in the capital markets. -
Blackstone has announced plans to sell FROSN-2018 DAC, a CMBS secured on Finnish real estate that will fund its acquisition of Sponda Oyj.
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Despite a string of credit issues at troubled US retailers, the sector has provided leveraged loan investors with the strongest gains in the year so far, said JP Morgan on Tuesday, while the CMBX index targeted by mall bears as the next Big Short has barely budged.
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Controversial investment fund Clifden’s other tender process, for Fairhold Securitisation, a deeply distressed pre-crisis CMBS backed by UK ground rents, reached a crescendo last week, with another bold bid for legal action against a trustee.
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The ECB has published an addendum to serve as guidance for all future non-performing loans. The measure is non-binding and will serve as the basis for dialogue between the ECB and the banks it regulates directly.
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Morgan Stanley analysts wrote on Tuesday that the rally in CMBS is getting long in the tooth, though this has not halted appetite for new issuance, including a Blackstone-backed deal refinancing a loan secured on Chicago’s famed Willis Tower.
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Toys ‘R’ Us is discussing with investors the outlook for the company on Monday — with a restructuring proving elusive, there is talk of liquidating the company, which would be a blow to unsecured lenders.
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Leverage levels in US commercial real estate bonds are set to rise in 2018, according to Fitch Ratings, after three years of decline. The trend is a worry for many in the market, against the backdrop of loosening deal structures, pullback of offshore investors and words of warning from the former Federal Reserve chief on the sector.
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The US securitization industry is heading to Las Vegas next week for the industry’s largest annual gathering. Fittingly, securitizations backed by the city’s casinos are on the rise, although industry pressures pose growing concerns for the market, wrote Kroll analysts in a note on Thursday.
