The $766.5 million CSMC Trust 2015-GLPA is backed by a single, fixed-rate whole loan secured by a fee interest in 114 industrial properties totaling 26.9 million square feet located in nine states.
Commercial mortgages bundled into securities will keep seeing their underwriting standards deteriorate from this year into 2016, say JPMorgan analysts. But they predict the pace of deterioration will slow down, with pressure from investors deterring lenders from lowering their standards much more.
The largest in the pool, for $70M, is secured by 525 Seventh Avenue, located in Manhattans Garment District at 38th street.
Much of the securitization universefrom auto loan deals to commercial-mortgage backedsuses whats known as the swaps curve to price floating-rate deals. Before 2000, Treasurys were the go-to benchmark. Pricing movements are causing some to ask whether the market should go back.
ReadyCap Commercial Mortgage Trust 2015-2 is backed by 99 fixed rate and Hybrid ARM loans secured by 106 properties.The largest concentration by property type is multifamilly, at over 40% of the pool balance.
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, its not clear exactly what the Commission will do.
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.
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.
DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser
Could higher yields end up deepening the investor base for asset-backeds?
Firm: Broadmoor Consulting LLC
In the news: Marketplace Lenders Are a Systemic Risk
As concerns mount about the riskier loans being packaged into commercial mortgage backeds, several banks have come up with a new strategy for making deals more attractive to investors. They are boosting exposure to both high quality and highly leveraged mortgages.Current Issue