Commentaries

from Rolfe Winkler:

MBA: CMBS deterioration continues

December 7, 2009

From the Mortgage Bankers Association:

Delinquency rates continued to increase in the third quarter for most commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

We don’t need your stinking financing

November 17, 2009

The New York Fed reports that investors only requested financing for $72.2 million of new CMBS loans through its TALF program.  Since there’s only been one, the $400 million offering from Developers Diversified, it raises an interesting question: would investors prefer to go it alone without perceived government strings attached rather than juice returns through leverage?

The drought is (kind of) over!

November 16, 2009

After months of buildup, Developers Diversified Realty Corp finally sells the first commercial real estate bond in more than a year. At $400 million, it’s hardly a dramatic debut, but it’s a significant first for one of the few markets still jammed since the financial crisis.

The rock-bottom bar in CMBS

October 9, 2009

There’s a bit of a bit of buzz surrounding what could be the first CMBS deal in more than a year. Bloomberg is carrying a story about how Goldman Sachs will sell the first bond that would be eligible under the Fed’s TALF program.

CMBS rides again

September 15, 2009

Well, sort of.

UK supermarket retailer Tesco is planning a 559 million pound securitisation of retail stores and distribution centres.

from Rolfe Winkler:

Chart of the day: CMBS delinquencies

September 14, 2009

The delinquency rate for commercial mortgage-backed securities continues to rise.

A dark hour for CMBS

September 11, 2009

The last week has been a bit of a shocker for Europe’s already crumbling commercial mortgage-backed securities market (CMBS).
Investors have had to cope with steep declines in the value of their bonds and a wave of downgrades by rating agencies.

The Re-REMIC limit

September 4, 2009

The repackaging of commercial real estate mortgage-backed securities made a splash in July as banks offered investors panicked by looming ratings downgrades better protection against potential losses. But, it turns out that there’s only been 9 such deals rated by Moody’s, for a total of around $1.2 billion, with Credit Swisse doing three of them.

Commercial real estate loans grow more distressed

August 24, 2009

Realpoint, the ratings firm that specializes in bonds backed by commercial real estate properties, is out with its July delinquency report on loans in CMBS deals and it has lots of great data tidbits on the building pressure on distressed loans.

British Land’s best assets – its liabilities

August 20, 2009

British Land is in a good position to take advantage of opportunities. We know because the chairman told us. Why then, is he supposed to be contemplating selling a stake in London office complex Broadgate to Blackstone?