CMBS

  • Schroders targets pandemic opportunity

    Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.

  • Debt buyer double as Hoist and Encore prep refinancings

    Debt buyer double as Hoist and Encore prep refinancings

    Debt purchasing firms Encore and Hoist launched new refinancing transactions on Wednesday, taking advantage of good market conditions to strengthen their capital structures ahead of a likely NPL flood next year.

  • For the good of all society retail payment relief must be a two-way street

    For the good of all society retail payment relief must be a two-way street

    With the UK in its second lockdown, there is growing frustration among commercial landlords that retailer tenants are taking advantage of payment waivers. It is vital for the health of the commercial real estate sector and the pension funds that finance it that this is not allowed to happen.

  • CRE tenants and landlords clash during second lockdown

    CRE tenants and landlords clash during second lockdown

    European retail landlords are facing up to potential damage of Europe's wave of second lockdowns, with many tenants continuing to ask for full rent relief despite trading for three months at least over the summer, throwing the sector's long term health into doubt.

  • ECB supervisor’s bad bank dream faces huge obstacles

    ECB supervisor’s bad bank dream faces huge obstacles

    The European Central Bank is offering renewed support to the idea of the EU creating a ‘bad bank’ or an asset management company to manage a flood of non-performing loans engulfing European banks, fuelling expectations that this will be part of the European Commission’s forthcoming NPL strategy. Jon Hay and Owen Sanderson report.

  • Better not to know: retail CMBS deal skips valuation

    Better not to know: retail CMBS deal skips valuation

    Kanaal, a CMBS backed by shopping centres in the Netherlands, will skip this year’s property valuation for the largest loan, as “any valuation obtained in 2020 would not give a true representation of the market value that will be used for testing of the loan to value covenant”.

  • Blackstone-backed social housing group preps CMBS debut

    Sage Housing, the for-profit social housing landlord owned by Blackstone, is marketing its first CMBS issue through Deutsche Bank — a sharply different approach to financing from its housing association peer group, which usually issue ultra-long secured corporate bonds rather than true securitizations.

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