Monthly Archives: May 2011

Ratings negotiations with Fitch Ratings / Moody’s and DB broke down over DECO 2011-E5

A breakdown in negotiations between Deutsche Bank and the rating agencies Fitch Ratings and Moody’s resulted in their absence from the DECO 2011-E5 CMBS transaction. The two rating agencies’ disagreements were unrelated but both reflect their increased conservatism over rating … Continue reading

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Goedken to spearhead European CMBS ratings team at DBRS

Scott Goedken has been hired to spearhead DBRS’ return to the European CMBS ratings market. Goedken has worked with DBRS, the Canadian rating agency, as a consultant since last autumn, and has a mandate to enhance DBRS’ existing methodology, increase … Continue reading

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Insurers and pfandbrief banks have the edge on senior debt margins

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Insurance companies and pfandbrief-funded banks are able to provide the cheapest cost of senior debt, CBRE research shows. While insurers, such as Legal & General, AXA and Allianz, are enticed by the relatively attractive margins senior debt now commands and … Continue reading

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Investors to move up the risk-curve as UK prime reaches fair value, predicts DTZ

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Capital targeting UK real estate over the next two and a half and a half years has fallen by 16% to £31bn in the last six months, as the recovery in prime property has left the UK less attractive than … Continue reading

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Homecoming for Don Belanger at Deutsche Bank

Don Belanger, UBS’ head of European real estate capital markets, is heading back to Deutsche Bank as a managing director in its real estate finance division. Belanger will effectively become number two to Cyril Courbage, who heads up the bank’s … Continue reading

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First ever decline unsecuritised lending in 12 years

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Unsecuritised lending to UK real estate fell by nearly 10% to £207bn in 2010, providing a glimmer of light that bank deleveraging is working. It is the first ever decline of total outstanding debt in 12-year history of the De … Continue reading

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British Land posts solid results

British Land, the second-largest listed property company in the UK, posted a 9.9% jump in pre-tax profits to £256m, driving net asset value per share up 12.5% to 567p. The strong performance was the result of a 6.9% increase in … Continue reading

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NAMA will look to provide finance to distressed asset buyers

The National Asset Management Agency has outlined proposals to provide debt finance to commercial property investors looking purchase assets under its debtors or receivers control. In separate speeches by NAMAs chairman, Frank Daly, and chief executive, Brendan McDonagh, this morning, … Continue reading

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Deutsche Bank’s DECO 2011-E5 tranches disclosed

Deutsche Bank has formally announced tranching for DECO 2011-E5, new indicative pricing and the roadshow itinerary for the first non-repoed European CMBS in more than three and a half years. News of this week’s launch of the three-tranche £302.2m CMBS … Continue reading

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