Securitization

The Trepp CMBS Delinquency Rate ended the year at 4.89%, a decrease of 29 basis points from the November level. That’s the largest monthly drop since January 2016.

With ideal macroeconomic fundamentals of economic growth and low interest rates still in place, S&P Global sees no reason for issuance to slow in 2018.

Carlyle has raised an additional $800 million for "opportunistic" debt and equity investments of third-party CLOs, in a planned expansion of its $19.4B in structured credit business assets under management.

What helped to grow the market in 2017, even as foot traffic declined and same-store sales growth slowed across the quick serve dining industry, were structural innovations that widened the investor base.

Some commercial buildings that are not required to obtain earthquake insurance may still be susceptible to significant structural damage that could put the borrowers at risk of default, according to Kroll Bond Rating Agency.

AXA Investment Advisors' two primary-issue CLOs in 2017 were each priced within the past month.

By sponsoring their own deals these matchmaking platforms are providing liquidity to multiple loan investors. They can also ensure that bond offerings are regular and uniform.

Speculators who bet on declines in commercial mortgage bond indexes as a way to profit from the expected demise of regional shopping malls may still be waiting for a big payout, according to Trepp.

Commercial real estate collateralized loan obligations appeal to investors now because they issue short-term, floating-rate notes; several nonbanks are using them to finance bridge lending.

The trend of putting ever-smaller pieces of the same commercial mortgages into multiple transactions means investors can end up with more exposure to a single property than they realize.

This feature, which has already been incorporated into some newer transactions, gives the sponsor more flexibility to manage its overall portfolio; Moody's investors Service thinks it is credit neutral.

Electric vehicles are starting to show up in pools of collateral for auto leases, but it's harder to predict what they will be worth when they are repossessed or come off lease, says Moody's Investors Service.

Many raised large amounts of capital to put to work in the equity, or riskiest slices of their deals, allowing them to resume issuing new deals just as new loan issuance was taking off.

Former top commercial mortgage-backed securities strategist Trevor Murray accused the Swiss lender of illegally firing him in 2012 for blowing the whistle on attempts by traders to influence his research reports.

Exposure to PetSmart's now triple-C rated loan will strain the distressed debt limits of 24 collateralized loan obligations, while two other deals face potential interest-diversion test failures.

The Kurban Group, a Lebanese travel conglomerate, recently closed on a rental fleet securitization that, despite its small size, represents some notable "firsts."

Bridgeview, Illinois is the second Illinois home rule community to take advantage of new borrowing program.

At the end of September, the share of loans in MeasureOne’s private student loan database in forbearance was 2.88% of the outstanding balance, up 26.81% on the year.

The collateralized loan obligation market is ending the year at nearly full throttle with nearly $18 billion in new deal/refi volume month-to-date, with more on the way.

A £366.2 million mortgage on 127 industrial properties is being used as collateral for a transaction called Taurus 2017-2 UK DAC.