One unassailable fact is that securitisation has a hugely important role to play when it comes to financing commercial real estate (CRE). Simply put, no other source of CRE finance can provide the high level of openness and transparency that can be afforded by securitisation. Indeed, as demonstrated by the recent financial turbulence, the ability
European CRE CLO – time for the market to brace for lift-off
Wow, what a year 2022 has been! Typically when I reflect on all things structured CRE related, I have more often than not found myself applying a metaphor of a roller coaster, which is suitably apt given the huge swings in market activity experienced over the past twenty years or so. 2022 has proven to be
Securitisation – time to put on its hero cape!
The last few weeks have proven to be a tumultuous period for the capital markets, and with it a stark (and painful) reminder has been duly delivered on the impact that they have on all aspects of business and the wider economy. Securitisation has also shown that it is not immune to this turmoil demonstrated
CMBS & CRE CLO – Heroes of the Future
Estimated reading time: 5 minutes
If the latest forecasts are true, then we will imminently be subjected to a long and deep recession and therefore now is the opportune time to draw comparisons against previous downturns and lessons learned. Indeed, given the nature of these beasts, there is always a chief protagonist or metaphorically
European CRE CLO – dynamism during a storm of escalating interest rates
Read time: 3 minutes
It is fair to say that there is not only a lot excitement about the arrival of CRE CLO technology in Europe, but also a heightened level of interest when it comes to some of the structural features that this new asset class could embrace. In this vein, it is fair
European CRE CLO – a catalyst for multi-loan CMBS
Read time: 4 minutes
For the erstwhile market observer, when you compare CMBS 2.0 against the backdrop of the pre Global Financial Crisis (GFC) crop of deals, one resounding observation is that the latter had a significant number of so called “conduit” deals, where transactions featuring eight or more loans were in plentiful supply. This
CRE CLO versus CMBS – two peas in a pod?
Read time: 2 minutes
When speaking to market participants about the intricacies and benefits of CRE CLO technology, more frequently than not the first point that I have found myself explaining is the difference between a CRE CLO and CMBS. It is certainly a fair question, as ostensibly both products are the same given that
Time for European CMBS and CRE CLOs to rocket!
Read time: 1 minute 20 seconds
There’s no doubt that 2021 was an outstanding year for European structured CRE credit activity. And as attention turns to 2022, the scene is clearly set for it to be the most exciting, innovative and ground-breaking year since CMBS broke onto the European scene in the early noughties.
Truly,
Class X litigation: Not so appealing
| Read time: 2 minutes |
Following their loss at first instance in Titan Europe 2006-1 P.L.C. and others [2016] EWHC 969 (Ch) (the background to the case and our commentary can be found here), the Class X Noteholder appealed the decision in respect of the central issue in the proceedings – when calculating the Class X Interest Rate in accordance with the Conditions, is it necessary to take account of any additional interest due under the Loans following a default?
Continue Reading Class X litigation: Not so appealing
X-tra, X-tra, Read All About It!
Mr Justice Snowden has handed down judgment of the High Court in the much anticipated Windermere VII Class X Notes dispute.
For those of you who haven’t been following it, the dispute relates to the Windermere VII Pan European CMBS in which the holder of the Class X Notes and a holder of the Class