Tag Archives: European CMBS

The NPL Circus: the Italian Tightrope

This summer, fans of the non-performing loan (NPL) circus, are in for a treat with the launch of the Italian tightrope trick. Spurred on by the recent European Banking Authority stress tests, the news last week that Banca Popolare di Bari will become the first bank to utilise the Italian state guarantee scheme and deploy securitisation … Continue Reading

Italian reform and the latent potential for CMBS

Fuelled by continued macro-economic uncertainty, the European CMBS market is currently experiencing a prolonged period of malaise. Meanwhile the Italian legislative cogs have continued to turn. The news last week that the Italian government has finally approved a decree on NPL securitisations, which comes hot off the heels of the proposals to establish a private … Continue Reading

CMBS 2016: Tailwinds and wishes

Earlier this month I set out my CMBS predictions for 2016 in the Investment Adviser (Broadening the scope of CMBS loan issuance), where I predicted that macro-economic conditions would continue to challenge the re-establishment of CMBS as financing tool for European commercial real estate (CRE).  Indeed, the first few weeks of the year have done … Continue Reading

Agency CMBS – the perfect pill for a large loan CMBS pricing headache!

The recent below par pricing of two Goldman Sachs arranged CMBS deals demonstrate the potential perils of CMBS as a distribution tool for CRE debt.  Indeed, these two deals bring into stark focus the pricing quandary that currently confront many conduit lenders.  On the one hand, lenders are having to competitively price loans in a … Continue Reading

Agency CMBS – the sophisticated tool for raising cheaper commercial real estate debt!

As was the case prior to the global financial crisis, the current driver for all new European CMBS deals stems from the adoption by investment banks of the originate-to-distribute business model for financing commercial real estate assets.  This trend is showing no sign of abating in the CMBS 2.0 era with twenty of the twenty … Continue Reading
LexBlog