Commercial MBS


Cost of Bullet-Proofing CMBS Triple-As Keeps Going Up

Concerned about weaker underwriting in 2014 and 2015 CMBS conduits, rating agencies are demanding increased levels of subordination for what is known as the "junior" triple-A tranche.

Wells Fargo Preps $955M Large Loan CMBS

Wells Fargo is marketing $955.2 million of securities backed by a portfolio of 68 loans secured on mostly office and hotel properties.

FirstKey Prices Second Ever Multi-Borrower Rental Securitization

The senior tranche of 3.86-year, class A-1 notes, rated triple-A by Moody’s Investors Service, Morningstar and Kroll Bond Ratings Agency, pays 115 basis points over interpolated swaps, for a yield of 2.4%.

MetLife Building Up Next in Large Loan CMBS

Proceeds from the deal called BAMLL Commercial Mortgage Securities Trust 2015-200P will refinance $1.2 billion of existing debt.

B2R Finance Prices First Multi-Borrower Rental Deal

Comparisons with single-borrower rental deals are difficult, but a second, and possible third multi-borrower deal are at hand.



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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How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

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