Latest news
Latest news
The rise of the European master trust and the CLO market nears shut down
The trade is EdgeConneX’s euro debut, the first Dutch data centre ABS, the first data centre CMBS structure and the first master trust structure
'Super wide' guidance on triple-As brings in orders twice the tranche size
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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. -
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.
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Kroll Bond Rating Agency this week highlighted the growing exposure CMBS investors have to WeWork, the coworking space company the business model of which has been criticised by some investors for being front loaded with short-term risk.
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Primary euro ABS slowed to a trickle in August as investors take their summer holidays but Bank of America Merrill Lynch surprised the market on Tuesday with a CMBS exit for a sterling loan it originated in April.
