Commercial MBS


American Homes 4 Rent Prices 3rd Single Family Rental Deal

The $530 million of 10-year bonds are backed by 4,503 single-family rental homes; they were sold with a weighted average coupon rate of 4.395%.

Wells Fargo, RBS Price $900M CMBS Conduit

The deal’s 10-year, super senior tranche yield swaps plus 85 basis points, 1 basis point tighter than a similar tranche of JP Morgan, Barclays' print in early November.

Spirit Plans $510M Net Lease Securitization

Retail real estate landlord Spirit Realty Capital plans to issue another $510 million of bonds backed by the triple-net lease receivables on 864 commercial real estate properties.

Ladder Capital To Issue $450M CMBS

The single loan in the deal is backed by a multifamily complex in San Francisco.

Citi,Cantor Team Up for $512M Large-Loan CMBS

CGCCRE 2014-2 is backed by six mortgages with a combined balance of $512.5 million; with the exception of a $64 million loan backed by the Hotel Martha Washington, each has been split into a senior, pooled $346.2 million component and one or more subordinated components totaling $101.8 million.



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Editor's Letter

As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

Silver Lining

Could higher yields end up deepening the investor base for asset-backeds?


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Catastrophe Bonds Taking on New Perils

Investors in catastrophe bonds are broadening their exposure by taking on multiple perils and increasing the time period during which claims can be included in coverage. Often they are doing so without any additional compensation.

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