Latest news
Latest news
JPM sticks to full-year forecast for now but refi conditions not so attractive and new loans get more expensive
Office drives surge in CMBS conduit delinquencies as borrowers adapt
GSE brings both small and large balance trades with only one other CMBS deal marketing
More articles
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The Republic of Senegal raised €775m on Wednesday in a deal that achieved a negative new issue premium of 25bp, according to bookrunners. Investors’ appetite for high yielding emerging market credit remains robust despite lingering concerns over developed market inflation and central bank tapering. -
Senegal entered the bond market on Wednesday with a euro offering, as a string of African sovereign issuers are expected to raise cash from international investors in the coming weeks.
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Commercial real estate has been one of the hardest hit sectors during the Covid-19 pandemic. The images of shuttered shops and empty offices are almost as emblematic of the Covid crisis as facemasks and stay-at-home warnings. Although there is hope for a recovery in issuance led by the red-hot growth in logistics sites, the outlook is uncertain given that underlying values of many properties backing existing CMBS remain unknown. Sam Kerr reports.
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Several sub-Saharan African sovereigns are set to storm bond markets in the coming weeks, driven by expectations that credit conditions later this year may be less conducive to issuance amid a potential tapering of financial support, bankers say.
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Senegal and Cameroon mandated banks this week to bring them back to the debt capital markets. Despite wide uncertainty about African sovereign debt restructuring, market participants said credit conditions were conducive to issuance.
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The Joint Committee of the European Supervisory Authorities (ESAs) has released its hotly anticipated report on European securitization. But market participants are calling it a missed opportunity, pointing out that it fails to address recommendations made by the High Level Forum on the Capital Markets Union to develop the market.
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Mars Capital, now a subsidiary of Arrow Global, has probably sold controlling positions in two Irish reperforming loan portfolios, securitized in RMBS transactions Grand Canal 1 and 2, with the Grand Canal 1 portfolio rapidly returning to the market in a Morgan Stanley-backed deal announced on Wednesday. The move comes as TDR Capital’s bid for Arrow heats up, with shareholders now ready to vote on approval.
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Goldman Sachs has launched a multi-borrower CMBS backed by office buildings in Austria, Finland, France, Germany and the Netherlands. Around half of the deal funds a portfolio that Fortress recently bought from Stena AB’s real estate arm.
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Israeli investor Amir Dayan is injecting more financing into a hotel-backed CMBS made up of 17 Holiday Inn and three Crowne Plaza hotels distributed across the UK, as the government toys with opening up the country’s tourism sector.
