Kunyi Yang
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Peraton lenders tap Centerview as financial advisor
A group of Peraton lenders has hired Centerview as financial advisor amid growing concerns over the company’s exposure to federal spending cuts, according to two sources familiar with the matter.
Flexsys turns to Latham, lenders bring on Gibson
One Rock-backed Flexsys is working with Latham & Watkins ahead of the maturity on its revolving credit facility next year, while a group of lenders has engaged Gibson Dunn, said twosources familiar with the situation.
Walgreens, VillageMD huddle with advisors as operational hurdles persist
News (Intelligence) Walgreens Boots Alliance has enlisted Fried Frank as legal counsel and AlixPartners as advisor as the pharmacy giant continues to right size its US operations and address its majority stake in primary and urgent care provider Village Practice Management Company (VillageMD), according to two sources familiar with the matter.
TGI Fridays parent mulls options, including bankruptcy
News (Intelligence) TGI Fridays Inc.,theparent ofthe synonymous fast-casual restaurant chain, is exploring options including a potential bankruptcy filing following the termination of the company as manager of TGI’s whole business securitization (WBS), said three sources familiar with the matter.
Hertz taps AlixPartners as operational advisor
News (Intelligence) Hertz has brought on AlixPartners as operational advisor amid the extended fallout from the car rental group’s ill-timed bet on electric vehicles, according to three sources familiar with the situation.
WideOpenWest lenders to put in new money in uptiering deal
News (Intelligence) Cable company WideOpenWest (WOW) has reached an uptiering deal with its existing lenders, who agreed to inject new money via new first-lien loans, according to two sources familiar with the matter.
E.W. Scripps unsecureds turn to Paul Weiss and Greenhill
News (Intelligence) An ad hoc group of mainly unsecured bondholders for E.W. Scripps is working with Paul Weiss as legal counsel as maturities approach, said three sources familiar with the matter. Greenhill is serving as financial advisor, two of the sources continued.
Big Lots talking to suitors ahead of potential bankruptcy filing
Big Lots and its investment bank Guggenheim Securities are running a competitive process to secure the best terms from suitors ahead of a potential bankruptcy filing, said two sources familiar with the matter.
LL Flooring working with Skadden ahead of potential filing
News (Intelligence) LL Flooring is working with law firm Skadden ahead of potential bankruptcy filing that could come weeks after the company lost a proxy fight with F9 Investments, according to two sources familiar with the matter.
Big Lots working with Guggenheim to explore alternatives in bid to stave off liquidation
News (Intelligence) Big Lots is working with investment bank Guggenheim to explore strategic options as the retailer comes under pressure to remain in compliance with financial covenants, said two sources familiar with the matter.
Springs Window Fashions lenders form group
Creditors for Springs Window Fashions have formed a group and tapped Ropes & Gray as legal advisor amid the company’s declining performance, according to two sources familiar with the matter. The window covering producer is the latest Clearlake Capital portfolio company to come under pressure from a combination of high interest rates and declining sales. Springs Window posted 1Q24 earnings in late May that showed sales declined 8.9% to USD258m and adjusted EBITDA dropped 18.8% to USD 44m.
Medical Properties Trust White & Case-led creditor group ready to offer financing as defense against external lenders
A group of Medical Properties Trust(MPT) creditors, represented by White & Case and Seaport Global, is in talks with the company to offer new financing, as a defense against getting primed by external lenders, according to two sources familiar with the matter.
CLOs - Creditflux.com
US CLOs get welcome boost as major name returns to single B By Kunyi Yang Tuesday, April 16, 2024 CLO mangers received a welcome boost last week after S&P Global Ratings upgraded an arts and craft retailer rating to B- from CCC+- on Friday, citing “significant improvement” in operating margin and cash generation. Subscriber-only article This article is available only to Creditflux subscribers and free trial users within 30 days of publication. Already a subscriber? Not logged in?
CRE turbulence clouds Office Properties Income Trust's restructuring options
Market participants are debating the actual value of Office Properties Income Trust’s (OPI) real estate as the REIT comes under pressure to handle upcoming debt maturities at a time of great turmoil in the commercial real estate market, said several sector advisors and sellsiders. The listed REIT is under the gun to figure out how to refinance its USD 650m 4.5% senior unsecured notes due next February and USD 650m of unsecured debt due in 2026 and 2027.
DLA Piper brings in CMBS specialist
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Barclays tightens conduit CMBS inside 100bp
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Angel Oak prices non-QM as RMBS pipeline warms up
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Strong bank bid brings long-awaited optimism on agency MBS
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Heloc originator sees robust 2024 despite rate cuts
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Angelo Gordon prices non-QM on back of strong rally
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US CMBS delinquencies spike to offer gap financing opportunities
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Retail US CMBS stock set to rise again in 2024
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US MBS and CLOs have to find a way through leaner times but ABS blossoms
When the US regional banking crisis hit in March, large swathes of the ABS market were able to capitalise on the surge in demand for short-dated, high-quality paper. However, in mortgage-backed securities and CLOs, long standing problems began to bite. Going into 2024, the idiosyncrasies of each sub-segment of the securitization market are pronounced.
Office drives CMBS delinquency rate higher again but liquidations slow
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Woodward Capital clinches its third CES deal this year
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BMARK prices conduit CMBS backed by shorter duration loans
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US RMBS issuers' trip to Europe is going to be a short one
US RMBS issuers and European investors are finally embracing each other after clearing up the regulatory confusion that drove a wedge between them last year. However, despite the happy union, it's a relationship that may not last. At the end of last year, EU regulators clarified the reporting requirements for investments in third-country securitizations, making it possible for European investors to access the US market.
Historic SF building sold at steep discount amid CRE sell-off
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Non-QM supply on the up but new buyers failing to appear
Non-QM supply on the up but new buyers failing to appear US investor base struggles to absorb hefty supply amid caution over structures and illiquidity The content you are trying to view is exclusive to our subscribers. Request a Free Trial or Login
Unprecedented need for private capital drives demand for SFR
With mortgage rates hitting 8% and housing supply severely limited, the single family rental (SFR) segment is one of the only bright spots in the commercial real estate. GlobalCapital talked to Chris Avallone from Amherst, one of the biggest issuers in the SFR securitization market. The firm has tapped the securitization market twice this year, raising $790m in total.
US CMBS set for 'tug of war' as office foreclosures loom
Simmering stresses in office CMBS in the US are likely to boil over in the next six to 12 months as market participants expect a mass wave of foreclosures to materialise, forcing a reckoning between senior and junior noteholders.
US CRT growth likely to start with smaller banks
Hopes are high among US banks and investors for the expansion of the credit risk transfer (CRT) market after the Federal Reserve offered more regulatory clarity in September, but the main area of growth in the next year could be smaller regional banks — as big banks are likely to have to put expensive credit enhancement on deals. In late September, in the form of an FAQ, the Fed offered further clarity on the capital rules for several types of CRT.
US CMBS reopening might be temporary
Last week's reopening of the private label CMBS market may not last, say investors, amid the continuation of high interest rates. On Friday, HIG Capital and Bank of Montreal both priced CMBS deals. The $531m HIG 2023-FL1, which was backed by a pool of mostly multifamily properties, landed tighter than guidance across the capital stack. On the same day BMO priced the $702m BMO 2023-5C2, backed entirely by shorter-duration loans of five-year terms.
RTL securitization takes spotlight amid undersupply in US RMBS
Residential transition loans (RTL), which real estate investors use to renovate old houses, are in themselves nothing new. But light issuance in the US RMBS market this market — alongside a shift in the market driven by the regional banking crisis — is pushing the niche assets towards the mainstream securitization market. On Wednesday, MFA Financial priced a $184m deal backed by residential transitional loans.
Redwood, Goldman Sachs price prime jumbo RMBS deals
Goldman Sachs and Redwood Trust both priced prime RMBS transactions on Tuesday amid expectations of more prime jumbo supply from banks in the coming months. Goldman Sach’s deal, named GSMBS 2023-PJ, raised a total of $304m. The transaction consists of seven tranches, with the first six tranches rated AAA by Fitch and DBRS, and the bottom ‘A24’ class rated AA+. The deal is backed by 268 prime jumbo loans.
Elliott breaks primary silence with debut hotel CMBS
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Redwood CIO sees opportunities in bank capital regs and growth in HEI
Non-bank lenders in the US are spying opportunities after regulators issued the so-called Basel III endgame proposals in late July as banks face more burdensome capital requirements. One of these lenders is Redwood Trust, a real estate investment trust company, active buyer of residential mortgages — and regular issuer of securitizations.
'Funding markets have been surprisingly resilient'
GlobalCapital spoke to TJ Durkin, head of structured credit and specialty finance at Angelo Gordon, a leading RMBS issuer, about the state of the RMBS market and what to look forward to in Q4 and the coming year. Angelo Gordon has priced four RMBS deals so far this year. Its most recent deal, GCAT 2023-NQM3 was priced on September 18 and raised $362m. With an imbalance between supply and demand, Durkin expects home prices will continue to be supported in the coming year.
Tighter spreads to drive more insurers back to RMBS
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Fannie Mae launches tender for $1.3bn CRT notes
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Rocketing yields change funding landscape for European credit and US securitization
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With some core government bond benchmarks soaring to their highest yields in over a decade this week, we looked at the effects long term rising interest rates and short-term spikes in yields are having on what investors will buy and what issuers can raise from the capital markets. We discover from which end of the risk spectrum corporate bond investors are keen to buy and what effect that is having on the pricing of the riskiest types of investment grade bonds.
By Ralph Sinclair Verified, Mike Turner Verified, Atanas Dinov Verified, Frank Jackman Verified, Kunyi Yang Verified
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GlobalCapital
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Unlock prices first ever rated home equity investment RMBS
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Loan on 1740 Broadway hits market after 18 months in special servicing
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Record home equity wealth brings encouragement to US RMBS
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Avenue One to target structured finance investors with new hire
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ESG concerns pushing US data center CMBS to greener climes
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Data center CMBS must use ESG to attract big investors
Data centers used to be a niche property in CMBS, but with the rise of new technologies, it is becoming one of the few areas in a declining commercial real estate market that still offers stable performance and attractive returns. However, recent deals have shown that issuers will have to hold their deals to higher ESG standards if they want prolonged success in the securitization market from the caliber of investors they need to succeed.
CMBS delinquency tops 4% in August, driven by office loans
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Potential WeWork bankruptcy puts US CMBS on alert
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BMO prices CMBS with large exposure to office, hotel
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