CMBS

Goldman Sachs has launched Logistics UK 2015, a £646m CMBS of a loan secured on Blackstone Logicor UK assets. The transaction securitises 95% of a single Goldman £680m refinancing loan to Logicor, secured by 42 logistics assets located mainly in the Midlands and Yorkshire.

Deutsche Bank is bringing its pan-European €316m DECO 2015 Charlemagne CMBS to market before August's summer slowdown. The CMBS is a securitisation of three loans secured by office, industrial and retail assets worth €493m. The assets are located in the Netherlands, Belgium and Germany.

Jefferies Loancore has originated $114m in loans to a joint venture between New York-based firms Princeton Holdings and The Bluestone Group for the refinancing of three office properties, two in California and one in Texas that are mostly leased to the Government Services Administration

Rising leverage on an increasing number of student housing CMBS is raising red flags about a potential spike in troubled loans. There are currently about 806 CMBS loans for 963 student housing properties with a balance of $12.5bn, which has risen from around $927m in 2011, according to estimates from research firm Trepp.

CMBS is viewed as having the poorest growth prospects of any securitisation class in 2015, according to Fitch Ratings. Fitch logo to use 2In a Fitch survey conducted at the Global ABS conference in Barcelona, only 12% of respondents thought CMBS issuance would increase.

JP Morgan has priced its dual-currency £251m/€131m Mint 2015 CMBS secured by two loans on three Hilton hotels owned by Blackstone. The CMBS is a new milestone for European CMBS as the first post-crisis multi-jurisdictional deal and the first purely hotels. It also has a multi-class structure: Mint’s £251.2m offering has six classes and its €131m […]

Goldman Sachs has postponed its €182.5m REITALY CMBS, the securitisation of a loan to Apollo Global Management for a portfolio of 25 Italian retail assets. The five-tranche deal was due to be priced this week in another sign of the recovery in the commercial mortgage securitisation market.

Size really does matter when it comes to conduit CMBS, as smaller deal sizes prompted by tepid investor demand -- particularly on triple-A tranches -- will keep issuance from reaching the peaks of the boom years.

Fitch Ratings has made a rare move and commented on a CMBS deal it didn’t rate, saying it would have taken a more conservative stance on JP Morgan’s dual-jurisdiction £251m/€131m Mint 2015, than rating rivals Standard & Poor’s and DBRS. Mint is secured by two loans on three DoubleTree by Hilton hotels, two in London and one in Amsterdam. The 2.7-year multi-tranche offering, launched this week, is secured by an equivalent £450m loan to Blackstone on the three hotels that now remain in the ‘Mint’ portfolio.

The US CMBS delinquency rate dropped 17 basis points to 5.40% in May, the biggest drop since November 2014, according to Trepp. The sharp drop came after the rate hovered within a 23 bps band, from 5.66% to 5.57%, from the start of the year through April.