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CMBS investors play waiting game

7 March 2014

It has been a quiet week for the European CMBS market as investors on either side of the Atlantic remain in 'wait and see' mode. One trader reports that clients appear to be waiting for spreads to widen, although US accounts could spark some activity. "There is a lot of interest in European CMBS from investors in the US. They are generally happie...

© Oosoom

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From strength-to-strength

7 March 2014

Peer-to-peer securitisation has room to grow
The peer-to-peer securitisation market may be in its infancy, but a handful of deals have already been completed. While the deals so far have been small by securitisation standards, the sector could become a "multi-billion" dollar market. "We have only recently started to see deals coming to market, but there is a lot of optimism that there is ro...

© Toni Lozano

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Adverse selection on the rise?

6 March 2014

Boosted by the FHFA's decision to limit GSE originations through tighter underwriting, the share of multifamily loans in US CMBS conduits has increased over the past year and now stands at 18%, according to Barclays Capital CMBS analysts. They warn that since agency financing remains about 50bp cheaper than private financing, there is some potentia...

© CalderOliver

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US RMBS BWICs back in bulk

6 March 2014

US non agency RMBS bid-list volumes picked up considerably yesterday to reach almost US$850m for the session. Activity was up across fixed rates, hybrids and subprime, with SCI's PriceABS data capturing a mix of covers and DNTs. One such subprime bond was the CWL 2006-26 M1 tranche, which traded during yesterday's session. The tranche was previou...

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