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

Monday, 27 July 2009

CMBS Delinquency Jumps by 53 Percent in June to $28.65Bln

Commercial Real Estate Direct Staff Report

Thevolume of delinquent CMBS loans skyrocketed by 53 percent in June to $28.65billion.

That increase includes a$9.87 billion jump, to $11.24 billion, in the volume of loans that became at least 30-days late in June, the biggest-ever monthly increase. It could be explained in large part bythe classification as 30-days late of some $3.4 billion of loans on propertiesowned by General Growth Properties, which filed for bankruptcy in April.

Takeout the GGP loans and the overall delinquency rate is still a whopping $25.27 billion.

Asa result of the Chicago REIT's bankruptcy, it is making only interest paymentson its mortgages, even if they also require principal payments. While someservicers have classified loans their handling as delinquent as a result of themissing principal payments, others have classified them as performing. That couldindicate that they're either advancing principal payments or they're accounting for the loans differently.

Evenif you exclude the GGP loans, the delinquency rate has jumped tonever-before-seen levels. That's the result of the continued freeze in thecredit markets, wherefew maturing mortgages are able to refinance, and declining...





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Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

sschartfp

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

 

 

 

REITCafe

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    Non-traded REITs, especially those focused on healthcare, lodging, and retail, have been very popular in recent years and have become a notable source of expansion for the listed REIT market. Collectively, they raised $8.8 billion during the first half of 2014 and sales are in line to reach $20 billion by year end...

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