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CMBS Lenders and Property Investors Remain Disciplined in 2.0 Era
Blog 1 day ago
CMBS Lenders and Property Investors Remain Disciplined in 2.0 Era

This excerpt originally appeared in The Mid-Year 2018 published by Trepp and Commercial Real Estate Direct. To see the full article and others...

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How Scorecards Can Help Generate Reasonable CECL Reserve Levels
Blog 2 days ago
How Scorecards Can Help Generate Reasonable CECL Reserve Levels

Based on numerous conversations we’ve held recently with mid-sized and smaller banks, it seems the CECL timeline has moved from the fact-finding...

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Banking Buzz: Stress Test Review to Begin This Week; CRE Lending Higher
Blog 3 days ago
Banking Buzz: Stress Test Review to Begin This Week; CRE Lending Higher

The Fed is due to begin its stress test and capital plan review for major banks this week. This marks the eighth year of large bank stress testing...

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How the CMBS Market Thawed Out from Its Ice Age
Blog 3 days ago
How the CMBS Market Thawed Out from Its Ice Age

This month represents the 10-year anniversary of the beginning of the CMBS “Ice Age,” the period from June 2008 to March 2010 when no private label...

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CLO Market Round-up: Broader Volatility Fails to Hinder Pace of New Issuance
Blog 4 days ago
CLO Market Round-up: Broader Volatility Fails to Hinder Pace of New Issuance

During the week of June 4th, the markets successfully navigated a host of potential market-moving events: central bank meetings from the Fed and...

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CMBS Week in Review: Bullish Market Sentiments at CREFC; Trio of New Single-Asset Issues Priced
Blog 5 days ago
CMBS Week in Review: Bullish Market Sentiments at CREFC; Trio of New Single-Asset Issues Priced

Secondary CMBS trading tapered off early in the week as participants of the CRE and securitization industries flocked to Manhattan for CREFC’s...

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Despite Growth Since 2012, CRE Crowdfunding Still in Its Infancy
Blog 1 week ago
Despite Growth Since 2012, CRE Crowdfunding Still in Its Infancy

This excerpt originally appeared in The Mid-Year 2018 published by Trepp and Commercial Real Estate Direct. To see the full article and others...

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The Five Largest CMBS Loans to Turn Newly Delinquent in May 2018
Blog 1 week ago
The Five Largest CMBS Loans to Turn Newly Delinquent in May 2018

Thanks to the continued resolution of distressed legacy debt and the brisk pace of new loans being originated and securitized, the overall Trepp...

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CLO Market Round-up: Volatility Kept at Bay; Issuance Picks Up
Blog 1 week ago
CLO Market Round-up: Volatility Kept at Bay; Issuance Picks Up

Last week was one that saw everyone looking ahead to several events which threatened to introduce volatility to the markets. (The good news is that...

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The Mid-Year 2018: Evolution of the CMBS Comeback
Blog 1 week ago
The Mid-Year 2018: Evolution of the CMBS Comeback

We're now well into Year Eight of the current economic recovery, making it one of the longest periods of recovery in US history. How long it will...

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CREFC Day 2 Recap: Not Many Are Saying No to CRE CLOs
Blog 1 week ago
CREFC Day 2 Recap: Not Many Are Saying No to CRE CLOs

As we noted yesterday, the opening Monday of the June CREFC conference was notable for the general bullishness of the crowd regarding the state of...

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CREFC Day 1 Recap: Optimism, Downflagging, and (Of Course) Retail
Blog 1 week ago
CREFC Day 1 Recap: Optimism, Downflagging, and (Of Course) Retail

The word of the day in retail was "burger." (Can't say we saw this one coming.) IHOP – the International House of Pancakes – recently revealed that...

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CMBS Week in Review: Latest Conduit Issue Prices; Lord & Taylor to Close Stores
Blog 1 week ago
CMBS Week in Review: Latest Conduit Issue Prices; Lord & Taylor to Close Stores

The $668.2 million CGCMT 2018-C5 conduit offering priced on Thursday with AAA spreads settling at S+87. This fell within the range of 79 to 92...

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Trepp’s Predictions for the 2018 CCAR Stress Test Results
Blog 2 weeks ago
Trepp’s Predictions for the 2018 CCAR Stress Test Results

The Fed is due to release its stress test and capital plan review results for major banks in June. This marks the eighth year of large bank stress...

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CECL Is Not Just for Banks
Blog 2 weeks ago
CECL Is Not Just for Banks

This is not another list of how to best prepare for CECL; we’ve all seen enough of those over the last year or so. This is a friendly reminder that...

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The Five Largest CMBS Loan Losses from May 2018
Blog 2 weeks ago
The Five Largest CMBS Loan Losses from May 2018

May remittance data pointed to heavy loss activity for long-delinquent legacy loans backed by retail and office facilities. Overall, 40 CMBS loans...

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CLO Market Round-up: Issuance Cools Down; Uber Aims to Re-Price Its Leveraged Debt
Blog 2 weeks ago
CLO Market Round-up: Issuance Cools Down; Uber Aims to Re-Price Its Leveraged Debt

Last week began with heightened volatility but ended with the financial markets rebounding. A sharp sell-off led off the week as investors grew...

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CMBS Week in Review: Italian Election Dominates Headlines; Sears to Close More Stores
Blog 2 weeks ago
CMBS Week in Review: Italian Election Dominates Headlines; Sears to Close More Stores

Secondary CMBS trading was moderate during the last week of May with more than $500 million out for bid from Tuesday to Friday. CMBX spreads blew...

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Sears to Close 63 More Stores After Dismal Earnings Report
Blog 3 weeks ago
Sears to Close 63 More Stores After Dismal Earnings Report

Sears Holdings reported disappointing earnings on Thursday morning which underscored the firm's problems and jolted its stock price. The retailer's...

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CMBS Delinquency Rate Hits Post-Crisis Low in May
Blog 3 weeks ago
CMBS Delinquency Rate Hits Post-Crisis Low in May

Three months ago, we wrote that the CMBS delinquency rate could hit a new post-crisis low (and potentially break 4%) before CMBS investors fired up...

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Will the Fed Accelerate Rate Hikes Due to Tightening Gap Between Treasury Rates?
Blog 3 weeks ago
Will the Fed Accelerate Rate Hikes Due to Tightening Gap Between Treasury Rates?

The recent flattening of US Treasury rates has led to heightened concerns that the Federal Reserve has not adjusted rates in a timely manner in...

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CLO Market Round-up: Holiday Weekend Fails to Deter New US Issuance
Blog 3 weeks ago
CLO Market Round-up: Holiday Weekend Fails to Deter New US Issuance

Volatility in the financial markets reared its head again last week as yields on Italy's sovereign bond spiked. The cost to purchase insurance on...

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Dodd-Frank Changes Lift Burdens, but Banks Will Continue to Stress Test
Blog 3 weeks ago
Dodd-Frank Changes Lift Burdens, but Banks Will Continue to Stress Test

Despite what you might read or hear, the Dodd-Frank Act (DFA) is not being repealed. Some of the more extreme descriptions of bill S.2155, which...

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CMBS Week in Review: Another Retailer Aims to Restructure; Pair of New Conduits Price
Blog 3 weeks ago
CMBS Week in Review: Another Retailer Aims to Restructure; Pair of New Conduits Price

Just more than $640 million in bid list volume was out for trading in the secondary CMBS market last week. Block-sized listings for SASB AAA and...

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Capital-Raising Among Non-Traded REITs Dominated by Blackstone
Blog 4 weeks ago
Capital-Raising Among Non-Traded REITs Dominated by Blackstone

Non-traded REITs raised a total of $919 million of equity from their investors during the first quarter of 2018. That was 4.5% more than the total...

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Blank-Check Companies, a Pre-Crisis Throwback, Have Re-Emerged
Blog 1 month ago
Blank-Check Companies, a Pre-Crisis Throwback, Have Re-Emerged

Like Ed Hardy t-shirts and auto-tuned choruses, blank-check companies were all the rage in the period just before the Great Financial Crisis. About...

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Sears to Close Pair of Locations Which Back Post-Crisis CMBS
Blog 1 month ago
Sears to Close Pair of Locations Which Back Post-Crisis CMBS

Over the weekend, multiple reports emerged which stated that Sears Holdings will be closing a combined total of 40 Sears and Kmart locations this...

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CLO Market Round-up: Issuance Surge Leads to Higher Projections; Lower-Rated Spreads Tighten
Blog 1 month ago
CLO Market Round-up: Issuance Surge Leads to Higher Projections; Lower-Rated Spreads Tighten

The Royal Wedding was held last week, complete with all the joy and extravagance which is a trademark of the event. However, one can forgive...

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CMBS Week in Review: Latest Conduit Issue Prices with Tight Spreads; 10-Year Treasury Keeps Climbing
Blog 1 month ago
CMBS Week in Review: Latest Conduit Issue Prices with Tight Spreads; 10-Year Treasury Keeps Climbing

Bid list volume for the secondary CMBS sector totaled $540 million between Monday and Friday, with a large listing of ASB/AAB bonds from Monday...

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The Five Largest CMBS Loan Losses from April 2018
Blog 1 month ago
The Five Largest CMBS Loan Losses from April 2018

CMBS liquidation activity rose slightly last month as 33 loans totaling $448.0 million paid off with losses in April. After climbing to a 23-month...

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