Tag Archives: CMBS

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 speaking … Continue Reading

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 … Continue Reading

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 … Continue Reading

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, … Continue Reading

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 … Continue Reading

Just when you thought Deco-ast was clear for special servicer replacements

If you thought the wrangling over special servicer replacements was over following Richard Snowden QC’s judgment in US Bank v Titan Europe 2007-1 (NHP) plc in April last year, think again. Ever since Fitch issued their press release confirming that as a matter of policy it would not provide rating agency confirmations (RACs) in relation to the … Continue Reading

Clash of the Titan 2007-1 (Part III): Controversy Thunders On

Previously in Clash of the Titan 2007-1: Zeus has spoken, we took a brief look at the judgment delivered by Richard Snowden QC.  Another interesting aspect of the case which is beginning to generate commentary is that one of the other pre-conditions to the replacement of the Special Servicer is that the successor Special Servicer … Continue Reading

Clash of the Titan 2007-1 (Part II): Zeus has spoken

Well, maybe not Zeus but Richard Snowden QC no less.  On Valentine’s Day this year, we published our blog entitled “Clash of the Titan 2007-1”. Now that the red roses have wilted, the champagne drunk and the chocolates eaten, let us take a look at what the first instance decision in Titan Europe 2007-1 (NHP) … Continue Reading

Clash of the Titan 2007-1

So it’s been just over a year since Fitch issued their press release confirming that as a matter of policy it would not provide rating agency confirmations (RACs) during the replacement of special servicers on EMEA CMBS transactions and indeed, just over a year since our last blog on the matter, entitled “What the Fitch??!”. At … Continue Reading

Victoria Funding (EMC-III) PLC: (I can’t get no) Satisfaction

Another day, another CMBS transaction declares an insolvency related event of default (after the REC6 default), this time based on the ‘balance sheet’ event of default. The notice posted by the issuer clearly states that after the sale of property securing the Brisk loan, the issuer will not have sufficient assets to repay the Class D Notes … Continue Reading

Playing with New Toys: How investor guidelines are shaping new CMBS transactions

Last week’s new Debussy DTC/Toys’R’Us CMBS transaction , which we were happily involved in, has sparked media attention as a sign of recovery of investors’ faith in the European securitisation markets. It also demonstrated investor demands to address some of the structural issues that had arisen in the original Vanwall securitisation as well as other … Continue Reading

Irish Stock Exchange announcements – Its all change at the Exchange!

Those issuers, corporate services providers, collateral managers, servicers and special servicers that regularly submit debt announcements on the Irish Stock Exchange will know how straightforward and quick it is to submit.  For those that don’t, at present this process involves simply sending a copy of the notice or announcement to the email address announcements@ise.ie and the … Continue Reading

From Finance 101 to CMBS 2.0

It’s been a year since I joined the structured finance team. I can’t believe it went by so fast. A year of learning and moving forward. Downgrades, liquidity drawings and agent replacements in the summer, noteholder meetings in autumn, covered bonds and refinancing of old CMBS deals in the new year. Inevitably, this one year … Continue Reading

What the Fitch??!

As some of you may have seen, Fitch helpfully issued a press release last week clarifying its position on providing rating agency confirmations (RACs) during the replacement of special servicers on EMEA CMBS transactions. Rather unhelpfully, however, the release stated they would not be providing any such RACs in the future. This policy, of course, … Continue Reading

The Liquidity Eclipse

As was common at the time of the inception of the transaction, Danske Bank A/S (Danske) had provided a liquidity facility (LF) on a commercial mortgage-backed securitisation issued by the issuer, Gemini (Eclipse 2006-3) plc (Gemini).  Due to the subsequent plethora of downgrades that have followed the financial crisis (from which the liquidity facility provider … Continue Reading
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