CMBS

CMBS lenders make a cautious return to US hospitality

With recovery underway in the US hotel sector, securitisation activity is gradually picking up in select sub-sectors – albeit with more conservative underwriting.

Yield-hungry investors fuel 2021’s European CMBS market

Commercial mortgage-backed securities issuance in Europe is gaining traction, with six deals launched so far this year.

2021 outlook: CMBS likely to be issued against a greater array of property types

Rating agency Moody’s predicts next year’s European CMBS issuance will have greater exposure to assets including multifamily residential and specialised properties.

The story of 2020 – part 2: How debt providers got to grips with the pandemic-era market

In the second of a two-part review of 2020, we examine how real estate lenders continued to do business, and raise fresh capital, amid the uncertainty created by covid-19.

KKR closes real estate credit opportunities fund with $950m

The follow up to KKR’s 2017 fund will continue to focus on junior tranches of commercial mortgages.

S&P: Rising office vacancy may impact lower-rated European CMBS tranches

The rating agency’s analysis of office-backed CMBS transactions shows AAA- and AA-rated tranches can withstand higher vacancy rates, while lower-rated tranches are more vulnerable.

Investors shelve the US retail sector

Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.

Why troubled hospitality is not the low-hanging fruit it appears to be

Distressed hotel deals are now visible, but access to many would-be discounted transactions in the sector looks restricted.

Record spike in delinquencies signals trouble in the US CMBS market

Ratings agency S&P expects the delinquency rate to climb higher for June, although European CMBS are so far weathering the storm.

US braces itself for a surge in defaults

The economic fallout from covid-19 has stoked fears of a liquidity crisis in US commercial property lending.