CMBS

Two and a half years ago, regulators opened the door for rating agencies to offer ratings or commentary on credits even when they haven't been hired to do so. Since then, all NRSROs can access detailed transaction data that issuers are required to post on designated issuer Web sites. The intended effect: a side market in unsolicited ratings and commentary. The actual effect: not a single unsolicited rating and roughly 15 commentaries.

The April 26 sale of Maiden Lane III (ML III) assets caused some disruption in CMBS spreads.

As issuance of CMBS ramps up again, so do concerns about the deterioration in the quality of loans used as collateral.

Freddie Mac has a new offering of structured passthrough certificates or K certificates. The deal comprises roughly $1 billion in multifamily MBS, which are set to price this week.

The recent CMBS backed by nonperforming commercial real estate (CRE) loans from Rialto Capital Advisors is the beginning of a trend, Fitch Ratings said in a recent report. It is the first CMBS to be backed by nonperforming loans (NPLs) in years.

The CMBS new-issue pipeline is still growing. This week adds a new $1.4 billion single-loan deal backed by the Ala Moana Center mall in Honolulu, Hawaii.

The Federal Reserve Bank of New York set a Thursday deadline for all bids on the MAX CDO holdings of its Maiden Lane III portfolio.

Fitch Ratings today released a report looking at the global exposure to refinancing risk in the structured finance and covered bonds markets.

Bearish technicals around the Federal Reserve's potential asset sales out of its Maiden Lane III portfolio are still weighing on the CMBS market, according to JPMorgan Securities analysts in their most recent weekly report.