Latest news
Latest news
TwentyFour priced its Dutch prime RMBS refi, Blackstone its sterling logistics CMBS
Blackstone is aiming to execute its CMBS before the market shuts for Global ABS
Second large office CMBS in quick succession after The Soloviev Group sold a $1.7bn New York office CMBS last week
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Non-bank commercial mortgage lender Ladder Capital priced its first commercial mortgage-backed securities (CMBS) transaction last Friday, with investors demanding more spread to compensate for lower credit quality and liquidity compared to bank offerings. -
Single asset single borrower CMBS issuance has picked as spread tightening increases the attractiveness of CMBS financing compared to balance sheet loans.
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A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.
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CMBS issuers are set to flood the primary pipeline with new offerings, including single asset deals backed by retail properties, in a sign that investors have yet to cool to the sector despite a stream of negative headlines around bricks and mortar retail.
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A $185m single borrower CMBS offering is in the market this week, backed by a loan that is part of a larger financing package for a California shopping mall owned by Simon Property Group, with the remaining debt expected to be packaged into future conduit deals.
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Morningstar Credit Ratings has identified the most vulnerable US CMBS loans with exposure to teen fashion chain Rue21, with $100m of CMBS debt said to be vulnerable to default if the company decides to close more stores.
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Multifamily CMBS underwriting standards have been slipping, according to JP Morgan analysts, as growing appetite from the government sponsored enterprises (GSEs) drives competition among agency and private label lenders.
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Goldman Sachs priced a conduit CMBS transaction on Friday, while issuers this week prepare to offer investors another $2.7bn of bonds in a busy run up to the annual CREFC industry conference in the first week of June.
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A $754m CMBS deal backed by a single loan secured by a portfolio of hotel assets hit the primary market this week, with demand for the highly leveraged deal reflective of the widespread bullishness in the wider fixed income markets, say sources.
