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.
3 min read · 24 March 2016
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.
2 min read · 16 March 2016
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.
2 min read · 14 March 2016
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.
1 min read · 07 March 2016
The US CMBS delinquency rate dropped another 20 basis points in February after plunging 82 bps in January, according to Trepp.
1 min read · 01 March 2016
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.
2 min read · 24 February 2016
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.
2 min read · 17 February 2016
Fitch Ratings is voicing concern over new CMBS lending pools that have non-investment grade (IG) exchangeable classes, something the agency hasn’t seen since the financial crisis.
2 min read · 10 February 2016
Defeasance activity for US CMBS remained strong last quarter, though changing interest rates or liquidity could derail this two-year trend, Fitch Ratings said in a new report.
2 min read · 08 February 2016
Fitch projects US CMBS delinquencies will continue to fall — another 2.5-3 percent rate drop by the end of 2016 — after hitting a six-year low at the end of 2015.
2 min read · 11 January 2016
