Tag Archives: DBRS

European CMBS annual issuance closes 2015 at €5bn after summer of macro strife widens ABS spreads

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Commercial mortgage backed securitisation (CMBS) issuance in Europe reached €5.2bn in 2015, data compiled by Bank of America Merrill Lynch (BAML) shows, with the investment bank’s ABS research team forecasting between €5bn and €10bn next year. Annual deal flow, across … Continue reading

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Fitch Ratings interjects on Mint 2015 CMBS questioning S&P and DBRS’ ratings

Fitch Ratings has interjected in the ongoing sale of the Mint 2015 securitisation debt, issued by JPMorgan which is secured by three rebranded Hilton hotels, with an unsolicited press release issued on Friday afternoon challenging the ratings rationale concluded by … Continue reading

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JPMorgan launches multi-jurisdictional Blackstone Mint CMBS

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JPMorgan has launched the refinancing of Blackstone’s reduced Mint hotel portfolio, in the investment bank’s return to European CMBS and also the first post-crisis multi-jurisdictional, dual-currency securitisation, in the three-year Mint 2015 PLC transaction. Mint 2015 PLC is comprised of … Continue reading

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BAML issues initial pricing guidance for Italian private equity CMBS

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Bank of America Merrill Lynch (BAML) has issued initial pricing guidance on its first European commercial real estate securitisation of the year – the private equity sponsored €286.425m Taurus 2015–1 IT. The transaction is the securitisation of three commercial real … Continue reading

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BAML launches £211.5m ‘Project Moon’ UK CMBS

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BAML has launched the securitisation of a £211.5m senior loan extended to Apollo Global Management to finance its £347.2m acquisition of a direct property portfolio from Aviva Commercial Finance dubbed Project Moon. The £211.5m Taurus CMBS UK 2014-1 Ltd transaction … Continue reading

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Pricing guidance for Goldman’s €363m Gallerie implies profitable CMBS

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Pricing guidance for Goldman Sachs’ anticipated €363m Italian CMBS, Gallerie 2013 S.r.l., was published this morning implying an expected weighted average coupon on the triple-tranche securitisation of less than 2.75%, substantially inside the investment bank’s senior loan. Gallerie is the … Continue reading

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Deutsche Bank prices €754m FLORE 2012-1 CMBS

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Deutsche Bank priced the long-awaited Vitus Immobilien German multi-family agency CMBS on Friday evening, a five-year €754m securitisation of 28,859 residential apartments in a transaction dubbed FLORE 2012-1.  CoStar News was the first news service to report this. FLORE is … 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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