Commercial MBS

News

Dodd-Frank Overhaul Bill Advances Closer to House Vote

The broad bill, sponsored by House Financial Services Committee Chairman Jeb Hensarling, R-Tex., would provide an “off-ramp” for banks that agree to hold a leverage ratio of at least 10% and would gut the Consumer Financial Protection Bureau, among other provisions.

UBS Takes Lead on CMBS Conduit for a Change

Although the bank has been actively contributing loans to CMBS conduits in recent years, the $948.9 million UBS 2017-C1 is the first transaction it has led since, 2013, according to Kroll Bond Rating Agency.

Large CMBS Loans Are Being Carved Up to Spread Risk, but…

... The trend of putting ever-smaller pieces of the same commercial mortgages into multiple securitizations requires investors to be extra careful, and will inevitably make workouts of bad loans more complicated.

Next CMBS Conduit is Heavy on Offices, Retail

The $959 million GS Mortgage Securities Trust 2017-GS6 is less highly leveraged than other recent multi-borrower transactions rated by Fitch Ratings, but it's also more highly concentrated in a relatively small number of loans (33).

Political Groundwork Begins for Construction Loan Revival

Construction lending could make a comeback if bankers persuade Congress to reform capital and other complicated rules on so-called high volatility CRE loans. But will regulators go for it?

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Articles

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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CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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