Latest CMBS news
Issuers have flocked to the CMBS market with deals this month, including the largest commercial real estate CLO since the crisis. With a seven potential deals still to close before year end, this December could be the busiest in a decade, said Bank of America Merrill Lynch analysts.
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.
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.
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.
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.
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.
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.
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.
Independent servicing group Mount Street is working on obtaining a Greek servicing licence, as interest in portfolio sales from the country heats up.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||7,026||25||11.95|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||104,269.08||299||11.02%|
|3||Wells Fargo Securities||88,761.07||266||9.38%|