CMBS

Deutsche Bank and Cantor Fitzgerald are marketing a $1.2 billion of bonds collateralized by 63 commercial mortgage loans, according to Kroll Bond Rating Agency.

The shorter the time a loan is in special servicing, the higher the recovery rate, according to a new analysis from Moody's Investors Service.

Standard & Poor’s is considering criteria changes that would make it more difficult for a structured finance transactions to earn a rating above the "sovereign ceiling," or the rating of the nation in which it is domiciled. The proposed criteria would cut the maximum ratings differential to four notches from the current six, in most cases.

Bulk sales of distressed CMBS assets by special servicers help drive delinquencies down in the space but may expose senior mezzanine/AJ tranches to losses.

Morgan Stanley and Bank of America priced $1.27 billion of commercial mortgage backed securities, according to a regulatory filing.

Fannie Mae issued $5.7 billion in multifamily mortgage-backed securities in the third quarter backed by newly originated loans, compared to $8 billion in the prior quarter.

JP Morgan and Barclays are preparing to launch a $1.19 billion CMBS conduit that is collateralized by 68 fixed-rate commercial mortgage loans that are secured by 151 properties.

CMLS Financial tested new securitization waters with a $400 million deal backed by five Westin hotels -- Canada's first hotel backed CMBS.

Participants at ABS East held forth on value opportunities in securitization and how increases in interest rates, loosening underwriting standards and the debt ceiling stalement ought to inform investor behavior over the short-to-medium term.

Sears, the other major retail tenant in retail CMBS that remains under credit stress, is listed as a tenant in 197 loans compared to 254 loans for JCPenny. The two are frequently co-anchors of securitized regional malls.