Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 03 July 2018

Principal Moves Back Into Conduit Lending Through Venture with MUFG Union Bank

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Principal Real Estate Investors has moved back into the conduit-lending world through a venture it's formed with MUFG Union Bank.

The Des Moines, Iowa, real estate arm of investment manager Principal Global Investors long has participated in the CMBS lending world, most recently through a venture with Macquarie, an Australian investment bank, that it had formed in 2014. But that venture was halted last year, when Macquarie decided to quit the conduit-lending business. The venture had originated some $1.8 billion of loans for securitization.

Prior to the Great Financial Crisis, Principal contributed some 2,000 loans totaling roughly $16 billion to transactions under the PWR and TOP shelves that were led by Morgan Stanley and Bear Stearns. It pulled back from the securitization market when conditions...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: Institutional Investment (INS), Joint ventures (JV), Mortgages/Financing (MOR)
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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