Read time: 3 minutes 30 seconds When it comes to the nuts and bolts of commercial mortgage-backed securities (CMBS), one of the key features that will be at the very forefront of any Arranger’s mind will be the mechanism by which ‘excess spread’ (i.e., the positive difference between amounts received on the underlying loans and … Continue Reading
Read time: 2 minutes 30 seconds The recent news that Blackstone and Lone Star have just securitized a portfolio of re-performing loans secured by Spanish and Irish real estate respectively, could potentially mark the arrival of a new era for the European securitization market. Indeed, if these transactions prove themselves to be the green shoots … Continue Reading
Given that it is coming up to a year since I posted a blog (CMBS – it’s time to dance to the beat!) in which I surmised that “I don’t just want to see CMBS hit the dance floor – I want to see it win a contest!”, now would seem an opportune time to … Continue Reading
In the second of a series of blogs, in which we address the evolution of CMBS structural features, we will consider the most (arguably) integral form of credit enhancement for any CMBS deal, the liquidity facility. Liquidity facilities are structured as 364 day committed revolving credit lines that can be drawn by a CMBS issuer … Continue Reading
As we approach the final quarter of the year, it is clear that during the course of 2012 the CRE industry has really begun to find its feet and take some significant steps towards counteracting the excesses of the past. Indeed last week saw the long awaited completion of the restructuring of Opera Finance (Uni-Invest) … Continue Reading
