CMBS

Despite some blunt assessments on the outlook for CMBS, room for optimism remains as spreads chart impressive reversal. As I walked the floor at CREFC’s High Yield & Distressed Realty Assets Summit in Manhattan back in March, I recall distinctly how one industry acquaintance bluntly summarized the mood of the event: “This is depressing, isn’t it?” […]

Retail properties represent the highest property type concentration in this transaction, 31 loans or 38 percent of the pool, and a high concentrations of a single property type could lead to increased volatility, according to Fitch.

The CMBS industry is watching intently as spreads finally tighten, but rating agencies aren’t yet convinced that any sustained improvement lies ahead.

A new CMBS conduit transaction demonstrates how “Credit Bar-Belling," or using a lower leverage investment grade (IG) loan to compensate for increases in riskier loans, continues unabated among CMBS loan pools.

Bank of America Merrill Lynch has sold the first CMBS of 2016, with the AAAs pricing tighter than the bank’s initial guidance. The bank sold the €141.6 million AAA tranche at a 130 basis points margin over three-month Euribor, which was tighter than its indicative pricing of 140-150 bps released on 7 March.

US CMBS trading activity rebounded last week with over $800 million out for bid following one of the slowest non-holiday weeks in years, according to Trepp.

Bank of America Merrill Lynch (BAML) has released initial price thoughts for its latest CMBS, the €317.05 million Taurus 2016-1 DEU which is backed by a German retail portfolio owned by Blackstone.

The US CMBS delinquency rate dropped another 20 basis points in February after plunging 82 bps in January, according to Trepp.

Bank of America Merrill Lynch (BAML) has launched the first European CMBS of 2016, with the securitisation of a loan written to Blackstone last July to finance a German retail portfolio.

Morgan Stanley researchers have reduced their 2016 base-case private label US CMBS issuance projection from $100 billion to $70 billion, citing widening spreads that are "likely" to continue.