Commercial mortgage-backed security

KBRA Assigns Preliminary Ratings to BANK 2019-BNK19

Retrieved on: 
Wednesday, July 17, 2019
Finance, Banking, Professional services, Insurance, Finance, Money, Economy, Mortgage-backed security, Structured finance, Kroll Bond Rating Agency, Mortgage, Commercial mortgage-backed security, Credit rating agency, Commercial mortgage, Mortgage loan, KBRA

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK19 (see ratings list below), a $1.3 billion CMBS conduit transaction collateralized by 73 commercial mortgage loans secured by 76 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK19 (see ratings list below), a $1.3 billion CMBS conduit transaction collateralized by 73 commercial mortgage loans secured by 76 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 36.3% less than third party appraisal values.
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

KBRA Assigns Preliminary Ratings to MSC 2019-H7

Retrieved on: 
Tuesday, July 9, 2019
Professional services, Finance, Finance, Money, Economy, Structured finance, Mortgage-backed security, Kroll Bond Rating Agency, Commercial mortgage-backed security, Loans, Mortgage, Credit rating agency, Commercial mortgage, Mortgage loan

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of MSC 2019-H7 (see ratings list below), a $747 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 81 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of MSC 2019-H7 (see ratings list below), a $747 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 81 properties.
  • The pool has exposure to most of the property types, with the top three being retail (33.1%), lodging (19.6%), and office (13.1%).
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

KBRA Releases Monthly CMBS Trend Watch

Retrieved on: 
Monday, July 8, 2019
Banking, Professional services, Finance, Financial markets, Finance, Kroll Bond Rating Agency, Structured finance, Money, KBRA, Commercial mortgage-backed security

Kroll Bond Rating Agency (KBRA) releases Junes CMBS Trend Watch.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases Junes CMBS Trend Watch.
  • These deals, as well as the top 10 for the CMBS 2.0 and Freddie K transactions containing rent stabilized buildings, are exhibited in the report.
  • Although issuance slowed in June, it does not appear that the summer doldrums will spill over to CMBS issuance.
  • For June, we highlighted 59 KBRA Loans of Concern (K-LOCs) and 15 KBRA Performance Outlook (KPO) changes, including 11 to Underperform from Perform, one to Perform from Underperform, and three to Outperform from Perform.

DebtX: CMBS Loan Prices Rose in May

Retrieved on: 
Monday, July 1, 2019
Professional services, Commercial Building & Real Estate, Construction & Property, Finance, Banking, Finance, Money, Financial markets, Structured finance, Mortgage-backed security, Commercial mortgage-backed security, Commercial mortgage, Public–Private Investment Program for Legacy Assets

DebtX , the largest marketplace for loans, said today that prices of commercial real estate loans underlying CMBS increased in May.

Key Points: 
  • DebtX , the largest marketplace for loans, said today that prices of commercial real estate loans underlying CMBS increased in May.
  • As of the end of May, DebtX priced $1.4 trillion in commercial real estate loans that collateralize U.S. CMBS trusts.
  • DebtX provides third-party loan valuation services for both public and private clients, as well as analytics and data based on nearly two decades of secondary market loan sales at DebtX.
  • Through its loan sale advisory , DebtX maximizes loan sale proceeds for financial institutions and government agencies.

KBRA Releases: Nothing Lasts Forever — KCP Examines CMBS Exposure to Forever 21

Retrieved on: 
Wednesday, June 26, 2019
Professional services, Fashion, Retail, Finance, Banking, Finance, Money, Financial markets, Kroll Bond Rating Agency, Structured finance, Debt, Commercial mortgage-backed security, Alvarez and Marsal, Nothing Lasts Forever, Bankruptcy, Forever 21, KCP

Kroll Bond Rating Agency (KBRA) releases its Nothing Lasts Forever KCP Examines CMBS Exposure to Forever 21 special report, which examines CMBS exposure to the fast-fashion, teen retailer.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases its Nothing Lasts Forever KCP Examines CMBS Exposure to Forever 21 special report, which examines CMBS exposure to the fast-fashion, teen retailer.
  • The privately held company recently tapped Alvarez & Marsal to overhaul its operations, and Latham & Watkins for restructuring advice and to aid in raising new debt and renegotiating or terminating store leases.
  • Forever 21 was also in discussion with Apollo Global Management regarding debtor-in-possession financing, although media reports indicate the company hopes to avoid a bankruptcy filing.
  • For subscribers of the KCP platform, a list of loans and properties exposed to Forever 21 is available by clicking here .

KBRA Assigns Preliminary Ratings to GSMS 2019-GC40

Retrieved on: 
Wednesday, June 19, 2019
Professional services, Banking, Finance, Finance, Money, Economy, Structured finance, Kroll Bond Rating Agency, Mortgage, Commercial mortgage-backed security, Credit rating agency, Commercial mortgage, Mortgage loan, KBRA

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2019-GC40 (see ratings list below), a $914.2 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 44 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2019-GC40 (see ratings list below), a $914.2 million CMBS conduit transaction collateralized by 35 commercial mortgage loans secured by 44 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 39.8% less than third party appraisal values.
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

KBRA Assigns Preliminary Ratings to WFCM 2019-C51

Retrieved on: 
Monday, June 17, 2019
Professional services, Banking, Finance, Finance, Money, Economy, Structured finance, Mortgage-backed security, Kroll Bond Rating Agency, Commercial mortgage-backed security, Loans, Mortgage, Credit rating agency, Commercial mortgage, Mortgage loan

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of WFCM 2019-C51 (see ratings list below), a $729.5 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 105 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 15 classes of WFCM 2019-C51 (see ratings list below), a $729.5 million CMBS conduit transaction collateralized by 53 commercial mortgage loans secured by 105 properties.
  • The pool has exposure to most of the property types, with the top three being office (38.5%), retail (27.5%), and mixed-use (10.6%).
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

KBRA Releases Day Two Recap of the Global ABS 2019 Conference in Barcelona

Retrieved on: 
Wednesday, June 12, 2019
Professional services, Finance, Financial markets, Finance, Kroll Bond Rating Agency, Structured finance, Money, Mortgage-backed security, Commercial mortgage-backed security

Kroll Bond Rating Agency (KBRA) releases a Day Two recap of the Global ABS 2019 conference in Barcelona.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a Day Two recap of the Global ABS 2019 conference in Barcelona.
  • The second day began with welcoming remarks from co-hosts, the AFME and IMN.
  • Following these remarks was a busy day of 24 panels and addresses, which delved into topics including Auto ABS, emerging tech in the securitisation sector, the European CLO market, European nonperforming loans, Dutch and UK RMBS, as well as continued discussion around the STS framework and other regulatory matters that featured prominently yesterday.
  • Additional topics included a panel discussion on the seemingly revived European CMBS market, though that panel was off the record.

KBRA Releases CREFC Day Three Recap

Retrieved on: 
Wednesday, June 12, 2019
Professional services, Banking, Finance, Insurance, Financial markets, Finance, Credit rating agencies, Kroll Bond Rating Agency, Money, Commercial mortgage-backed security, Kroll, KBRA, Jules Kroll

Kroll Bond Rating Agency (KBRA) releases the recap for day three of the CREFC conference.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases the recap for day three of the CREFC conference.
  • The third and final day of the conference involved a program consisting of three sessions, including an education session called CMBS 201: Servicing Participants and Processes.
  • This concludes our coverage of the June 2019 CREFC conference.
  • KBRA was proud to sponsor the event, along with over 30 other firms.

KBRA Releases Monthly CMBS Trend Watch

Retrieved on: 
Friday, June 7, 2019
Professional services, Banking, Finance, Financial markets, Finance, Credit rating agencies, Kroll Bond Rating Agency, Structured finance, Money, Commercial mortgage-backed security, KBRA, Kroll

Kroll Bond Rating Agency (KBRA) releases Mays CMBS Trend Watch.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases Mays CMBS Trend Watch.
  • CMBS private label pricing volume increased in May to $10.9 billion from $3.1 billion in April, bringing the year-to-date issuance total to $30.5 billion.
  • With this jump, May became the first month this year in which volume was up on a year-over-year basis.
  • There were also 17 KBRA Performance Outlook (KPO) changes, including 13 to Underperform from Perform, one to Perform from Underperform, and three to Outperform from Perform.