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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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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. -
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.
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The $4.5m rap on the knuckles for Deutsche Bank’s CMBS trading desk for taking advantage of an opaque system of secondary trading should come as no surprise. The market revels in its lack of transparency, so don’t expect change any time soon.
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First time issuers are dominating activity in the growing market for commercial real estate CLOs, with Bridge Debt Strategies the latest debut real estate investment trust to tap the market.
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Blackstone’s Italian CMBS Pietra Nera Uno was priced this week at the tight end of the 115bp-125bp price talk range for the senior tranche, despite a minor upset last Thursday as the European Central Bank (ECB) decreed that CMBS would be ineligible as repo collateral.
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The Securities and Exchange Commission has settled charges with Deutsche Bank over the “misleading” of customers over the price of US CMBS bonds, ordering the bank to repay more than $3.7m to customers, on top of a $750,000 fine.
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Natixis has securitized a commercial mortgage made to real estate investment firms RFR Holding and TriStar Capital secured on a brand new office building outside Seattle that is leased to Amazon.
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In a big vote of confidence in the CLO product, the District of Columbia Court of Appeals ruled on Friday that CLO managers should be exempt from risk retention requirements, vindicating the arguments put forward by the Loan Syndications and Trading Association against federal regulatory agencies.
