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Tuesday, 08 October 2013

Cerberus Launches CMBS Investment Fund

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Cerberus Capital Management has begun marketing for equity commitments for a CMBS investment fund.

The Cerberus CMBS Opportunities Fund, as previously reported, is expected to invest in the most junior bonds of CMBS deals and to take short positions in certain bonds through the use of derivatives indices, such as the CMBX series.

Cerberus, which has more than $20 billion of assets under management, has not specified how much it plans to raise for the fund. The vehicle, which is seeking individual investments of as little as $100,000, is registered as a 506(b) offering, which enables it to solicit commitments from non-accredited investors, or those with less than $1 million of net worth or less than $200,000 in annual income, in addition to institutions and other accredited investors.

The company's CMBS investing is led by Scott Stelzer, who joined the firm in 2008 from Morgan Stanley, where he was a managing director with responsibilities that included managing CMBS trading.

During the third quarter, the company took down one private-label B-piece, that of WFRBS Commercial Mortgage Trust, 2013-C15, a $1.1 billion conduit that priced in August. The deal's B-piece was comprised of its three most junior bond classes, which had a total face value of $72 million. Cerberus bought them at a discount to par.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Read 274 times Last modified on Wednesday, 09 October 2013

Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

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Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

Deutsche Bank

8,118.01

20.87

JPMorgan

4,486.83

11.53

CCRE

3,064.41

7.88

Citigroup

2,779.70

7.15

Goldman Sachs

2,604.85

6.70

 

 

 

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