CMBS

The new-issue private label CMBS market has been taking a breather, and how long it will last depends on what happens as far as international financial concerns and other events that have roiled U.S. and world markets.

Europe might be feeling great uncertainty over how to resolve its sovereign debt crisis, but its securitization market has still managed to restart.

Because of still challenging market-making conditions, Credit Suisse Group is set to either downsize or cut altogether some securitization businesses and fixed-income units.

Jefferies appointed Guy Cornelius as a managing director and head of sterling credit sales. The firm also hired Christian Janssen as a managing director and head of commercial real estate debt capital markets Europe.

Nearly two-thirds – or 60% – of European CMBS maturing loans could fail to repay by the end of 2012, according to Standard & Poor's.

Just as the industry began to feel comfortable about the re-emergence of CMBS financing and CMBS 2.0 began to take off, the CMBS market started getting ahead of itself this summer and then certain issues cropped up.

Securitization pros have had to constantly come up with new deal structures to respond to challenges posed by the ongoing financial crisis.

In a just-released report, Fitch Ratings said that one-in-three rating proposals for new structured finance transactions need considerable changes before these offerings can be rated.

The credit quality of CMBS loans appears to be slipping a bit, according to a Moody's Investors Service report Friday.