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 […]
2 min read · 16 June 2015
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.
2 min read · 12 June 2015
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.
3 min read · 10 June 2015
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.
2 min read · 05 June 2015
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.
1 min read · 03 June 2015
Centre Parcs, the UK holiday operator, is partially refinancing its debt with a £590m CMBS. The issue, CPUK Finance, is in two tranches of senior A notes: a five year, £350m piece carries a coupon of 2.667%, 135bps over the benchmark gilt while £140m of 10-year bonds are priced at spread of 165bps, a coupon of 3.588%.
2 min read · 27 May 2015
After hitting a snag in March, logging no change, the US CMBS delinquency rate managed just a single basis point improvement in April. It’s a sign that the significant rate drops of 2014 are behind the market and that further drops will rely on new issuance, according to data and research firm Trepp.
2 min read · 06 May 2015
Royal Bank of Scotland has delayed its £170m five-year Antares 2015-1 CMBS because of poor market response. The CMBS is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
2 min read · 30 April 2015
The court case seeking clarification about apportioning recoveries from the heavily defaulted £850m Gemini CMBS appears finely balanced, according to court observers. After a day-and-a-half of argument in front Mr Justice Henderson at the London High Court last week, no party left proceedings confident of victory.
2 min read · 29 April 2015
Bondholders have consented to a restructuring of £1.5bn of debt secured by a 35 –strong portfolio of General Healthcare Group’s UK private hospitals. This brings to a close nearly two years of negotiations among borrowers, bondholders and lenders to refinance its loans. The new structure involves group of junior bondholders injecting £175m and taking control of the assets. Senior lenders will be partially repaid; amoritisation is increased and the interest rate on senior and one junior tranche is being increased. A long-dated interest rate swap – whose mark-to-market value is currently around £675m – is being partially crystallised and replaced by new hedging arrangements.
3 min read · 27 April 2015
