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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Assura, the UK healthcare property Reit, has raised £310m of gross proceeds through a firm placing and placing and open offer. -
At JP Morgan’s fixed income markets 2018 outlook conference in New York on Tuesday, investors were advised to move into more defensive positions, with macro factors expected to weigh on credit next year.
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The long rally in US CMBS that has taken place since the financial crisis will likely run out of steam next year, said analysts at JP Morgan, as the market moves into the final stretch of a bull run that has seen spreads plummet to their tightest levels in years.
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With three weeks in the year still to go, US securitization volume has reached a post-crisis high of $474bn, according to S&P Global Ratings.
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Bank of America Merrill Lynch has priced the £350m Taurus 2017-2 CMBS, the first transaction backed by a UK commercial property loan since 2015.
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Nordea’s blowout additional tier one (AT1) offering on Tuesday took the instrument into unchartered waters in terms of pricing — beyond where some regular AT1 investors were willing to go. In covered bonds, supply-demand dynamics continue to favour issuers.
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The unwinding of the Federal Reserve’s balance sheet and anticipated rate rises are expected to put downward pressure on CMBS issuance next year, said Kroll Bond Rating Agency on Tuesday.
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Bank of America Merrill Lynch has set initial price guidance on the sole UK sterling CMBS transaction of the year with a view to updating investors on Tuesday.
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Independent servicing group Mount Street is working on obtaining a Greek servicing licence, as interest in portfolio sales from the country heats up.
