Barclays Capital and Morgan Stanley have structured a $355 million deal backed by billboard collateral, the first of its kind to be rated by Moody’s Investors Service. The deal securitizes 10,172 billboard faces, associated with 4,982 outdoor advertising structures and related permits, licenses, ground leases and the property on which the billboards stand, according to a Moody’s pre-sale report. In the 12 months through last September the portfolio of billboards brought in $98 million in revenue, generating an operating margin of 61%. Minnesota-based AOA Management Company Limited Partnership will manage the billboards for the deal’s issuer. The agency gave preliminary ratings of ‘A(sf)’ for the $254 million in A notes, ‘Ba2(sf)’ for the $44 million in B notes, and ‘B3(sf)’ for the $57 million in C notes.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
10h ago -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
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But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
April 19 -
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18