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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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Bank of America Merrill Lynch announced its second European CMBS deal of the year on Thursday, with a €230m deal backed by a loan made to Canadian real estate investment trust Dream Global REIT in December last year. -
Cantor Commercial Real Estate and Société Générale priced a $160m single borrower CMBS offering backed by the Ritz-Carlton South Beach on Tuesday, pricing the triple-A rated senior tranche at 150bp over swaps.
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A dwindling new issue calendar has kept spreads from blowing back out to levels seen in March, as Citi and Goldman Sachs on Wednesday priced a $694.7m conduit offering at 134bp over swaps for the benchmark triple-A class.
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The CMBS market has staged a dramatic comeback over the past three weeks, with primary triple-A spreads tightening by over 40bp. Still, observers say they are unsure how long the rally can last.
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Stephen Renna, CEO of the Commercial Real Estate Finance Council (CREFC), the main CMBS industry lobbying organisation, has left the group, according to sources speaking with GlobalCapital.
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Index provider Markit has teamed up with commercial mortgage backed securities data and pricing specialist Trepp to launch total return swaps (TRS) on a cash CMBS index. The initiative targets several gaps in the market, by boosting returns for CMBS investors, providing a hedging tool for originators and giving big corporate clients access to a market otherwise denied them by punitive US tax rules.
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Citi and Goldman on Tuesday sold CGGS 2016-RND, a $1.8bn single borrower CMBS transaction backed by one fixed and one floating rate loan made to Blackstone Group to finance its acquisition of BioMed Realty Trust.
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Bank of America Merrill Lynch closed its €317m Taurus 2016-1 DE CMBS deal this week, only the second CMBS deal to be priced in the last six months as market dynamics create obstacles for the asset class.
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Issuers of CMBS are rethinking their approach to risk retention, shifting the burden of compliance from the buyers of the most subordinated bonds to the banks themselves, said market sources this week.
