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The Chinese renminbi will appreciate by 60%, the Scandinavian countries will leave the euro to set-up their own currency, VAT rates will vary regionally across the UK, and the City will be transformed by Asian currency trading, the CREFC Europe Spring conference heard in London. In his keynote speech, economist Dr Savvas Savouri from Toscafund […]
The European Central Bank’s Quantitative Easing programme is pushing German Pfandbrief yields to new lows, illustrated by Deutsche Hypo’s heavily oversubscribed, 0.125% 2022 bond this week. German bond prices struck record highs this week after the ECB kept key interest rates on hold and reiterated its commitment to spend €60bn a month until September 2016. […]
US CMBS defaults fell to their lowest level since 2008 last year, marking a six-year low
Bank of America Merrill Lynch has launched the €455m five-year Taurus 2015-2 DEU CMBS secured by a single loan on IVG Immobilien’s The Squaire property at Frankfurt Airport. The six-tranche CMBS refinancing loan includes a 7.1% debt yield and matures in January 2020 with a six year tail period. The loan-to-value is 72.2% based on […]
A consortium of banks is providing $1.25bn in financing to Brookfield Property Partners for the development of a 2.1m sq ft office tower at Manhattan West.
Wells Fargo, Deutsche Bank, Bank of New York Mellon and Toronto-Dominion Bank are co-leading the $1.25bn construction financing, which combined with a $850m equity contribution from Brookfield brings the office tower’s total cost to $2.1bn.
Art Tuverson has joined Pillar as a managing director to spearhead the expansion of the firm’s Manufactured Housing Community/RV Resort Group.
The industry veteran will rely on the company's multiple product lines -- Fannie Mae, Freddie Mac, HUD, CMBS and life insurance lenders -- to exponentially grow the platform.
Royal Bank of Scotland is marketing a securitisation of a loan it made to refinance Kennedy Wilson’s Jupiter portfolio of offices, retail and leisure throughout the UK.
The £180m transaction is called Antares 2015-1 and has two classes of floating-rate notes: a £130.65m A class; and a £40.71m B class, rated by DBRS and Fitch Ratings.
Chief executive of JPMorgan, Jamie Dimon, said that non-bank lenders could withdraw credit support from existing borrowers during the next financial crisis.
In part of his annual letter to shareholders Dimon also said that if non-banks do lend through a stressed scenario they would charge well over the odds for rolling over exposures.
Regulators could use lessons learned from defaulted legacy CMBS loans to create a set of criteria for future high quality real estate loans, including CMBS debt.
The suggestion is made by Bank of America Merrill Lynch’s European structured finance team after they analysed the historical performance of over 1,000 commercial property loans across 20 European countries totalling €157bn which were securitised in 184 European CMBS transactions between 2000 and 2013.
Logistics investor and developer Prologis has upsized and amended senior debt held by its Prologis European Properties Fund II (PEPF II).
A new €200m facility has been arranged by Bank of America Merrill Lynch, Royal Bank of Scotland, JP Morgan and ING Bank, with the latter joining as a new lender.