CMBS

The US CMBS delinquency rate increased three basis points (bps) in August, negating July’s rate improvement, according to data and research firm Trepp.

European Commission (EC) plans to unify Europe’s capital markets have been criticised for potentially harming the commercial real estate (CRE) securitisation market. The EC will publish its Capital Markets Union (CMU) plan in the autumn which will outline its proposals to bind Europe's capital markets closer together.

Goldman Sachs has restructured its €182.25m REITALY CMBS and is reassessing its price guidance as it relaunches the transaction. The deal is the securitisation of a single €191.5m loan to Apollo Global Management for a portfolio of 25 Italian retail assets.

Walker & Dunlop has brought in Jeffrey Taschler as COO and senior vice president of its CMBS lending business, originating structured finance products for clients across the US from the firm’s New York office.

Replacing the special servicer on the DECO 15 - Pan Europe 6 CMBS will require the approval of all noteholders by extraordinary resolution, the High Court in the UK has ruled. The decision is a serious setback to Cheyne Capital Management’s attempts to have the special servicer, Hatfield Philips, removed and replaced with Solutus Advisors.

Three new cities representing traditionally smaller markets have jumped into the top five list of CMBS issuers during the first half of this year, knocking mainstay Chicago, Illinois off the list, among others.

CMBS originators are cautious as ever due to widening spreads. After spending much of the beginning of the year near 80 basis points over swaps, 10-year AAAs have been pricing in the 100-107 bps range.

While the recovery of US office markets has been uneven, improving fundamentals are having positive impacts on CMBS office loans, according to a new report from data firm Trepp.

BNP Paribas has privately placed its €85m Lusso Srl CMBS, a securitisation of a loan backed by the luxury retail centre Sicilia Outlet Village in Sicily, Italy.

Deutsche Bank has launched DECO 2015 Charlemagne, a €316m CMBS of three loans secured on 37 office, industrial and retail properties in the Netherlands, Belgium and Germany. The CMBS is a securitisation of the Windmill, MStar and Pegasus loans, made between September 2014 and April 2015, on assets with a total value of €493m, reflecting a loan-to-value of 64.2%.