Commercial MBS


CMBS Issuance Volume On Track to Surpass 2013

Issuance is expected to pick up in September; when there is in excess of $10 billion of deals on the calendar.

SEC Mandates More Disclosure, but Only for RMBS, CMBS, Autos

The requirements do not apply to student loans, equipment loans or leases, or covered bonds; privately offered securities are also excluded.

CMBS Exposure to Napa Valley Earthquake $620M

Barclays analysts estimate that $620 million of securitized commercial mortgages are exposed to Sunday’s 6.0 magnitude Napa Valley, California earthquake.

SEC to Vote on More Loan-Level Disclosure

The revisions would require asset-backed issuers to provide enhanced disclosures including information for certain asset classes about each asset in the underlying pool in a standardized, tagged format and revise the shelf offering process and eligibility criteria for asset-backed securities.

Ares Closes on $309M Commercial Real Estate CLO

At closing on Aug. 15, a total of $309 million of investment grade bonds were sold to third parties at an initial weighted average coupon of LIBOR plus 145 basis points.



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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Current Issue

China Auto Securitization Gears Up

As more and more Chinese gain the financial access to buy a car with a loan, lenders will look increasingly to securitization to keep origination going.

Current Issue