IFR International - 21.07.2018

(Martin Jones) #1
STRUCTURED FINANCE

"S ûANDûTHATûTHEûGROUPûhHADûNOûINVOLVEMENTû
WITHûTHEûRECENTûPURPORTEDûAPPOINTMENTûOFû
ADMINISTRATORSûOVERûTHEû)SSUERvû!SûAûRESULT û
hTHEû.OTEû4RUSTEEûCANNOTûHAVEûBEENûDIRECTEDû
BYûTHEûREQUISITEûPERCENTAGEûOFû.OTEHOLDERSû
TOûENFORCEv


TELEREAL SEEKS CONSENT TO
REMOVE AMBAC


TELEREAL SECURITISATION ûAûûSALE
AND
LEASEBACKû#-"3ûFORûBT GROUP ûISûSOLICITINGû
CONSENTûTOûRELEASEû!MBACûASûNOTEûGUARANTORû
ANDûREPLACEûITûASûINTERESTûRATEûSWAPû
COUNTERPARTY
!MBACûWRAPPEDûTHREEûCLASSESûnû! û!û
ANDû!ûnûTOû4RIPLEû!ûBUTûLOSTûITSûRATINGSû
FOLLOWINGûBANKRUPTCYûAFTERûTHEûlNANCIALû
CRISIS
!LTHOUGHû!MBACûNOûLONGERûPROVIDESûANYû
ENHANCEMENTûTOûTHEûNOTES ûAûCONSENTû
SOLICITATIONûANNOUNCEMENTûONû7EDNESDAYû
SAIDû!MBACûREMAINSûTHEûCONTROLLINGûCREDITORû
TOûTHOSEûTRANCHES
4HEûANNOUNCEMENTûSAIDûTHEûISSUERûANDû
!MBACûHADûAGREEDûTOûRELEASEû!MBACûFROMû
THEûGUARANTEEûANDûTOûREPLACEûITûASûINTERESTû
RATEûSWAPûCOUNTERPARTY
)FûCONSENTûISûRECEIVED ûAûONE
OFFûFEEûWILLû
BEûPAIDûTOû!MBAC ûWITHûNOûFURTHERûFEESû
PAYABLEûINûTHEûFUTUREû4HEûNOTICEûSAYSûTHEû
ONE
OFFûFEEûWILLûCOMEûFROMûFUNDSûNOTû
OTHERWISEûAVAILABLEûTOûNOTEHOLDERS ûWHILEû
CANCELLINGûFUTUREûFEESûWILLûINCREASEû
CASHmOWSûAVAILABLEûTOûTHEûDEALSûSECUREDû
CREDITORS
#ONSENTûISûREQUIREDûFROMû#LASSû! û!ûANDû
!ûNOTEHOLDERSûWHOûWILLûBEûELIGIBLEûFORûAû
CONSENTûFEEûOFûûOFûTHEIRûOUTSTANDINGû
PRINCIPALûNOTEûHOLDINGSûIFûTHEYûAGREEûBYûTHEû
EARLYûDEADLINEûOFû*ULYû
4HEûEXPIRATIONûDEADLINEûISû!UGUSTûû
.OTEHOLDERûMEETINGSûAREûSCHEDULEDûFORû
!UGUSTû
Deutsche BankûISûCONSENTûSOLICITATIONûAGENT


EMEA CLO


EUROPEAN CLO NEW ISSUE
SPREADS CONTINUE TO WIDEN


/NEû#,/ûNEWûISSUEûLASTûWEEKûBROKEûINTOûTHEû
SûFORûITSû4RIPLEû!S ûWHILEû$OUBLEû"ûPRICESû
EDGEDûCLOSERûTOûTHEûBPûMARK
TIKEHAU CAPITAL EUROPEûSOLDû4RIPLEû!SûFROMû
TIKEHAU CLO IV ATûBPûOVERû%URIBOR
4WOûOTHERû#,/S ûBARINGS EURO CLO 2018-2
FROMûBARINGS UKûANDûCVC CORDATUS XIûFROMûCVC
CREDIT PARTNERS EUROPEAN CLO MANAGEMENT ûSOLDû
4RIPLEû!SûATûBPûANDûBPûRESPECTIVELY
3PREADSûONûSENIORû#,/ûTRANCHESûAREûOFTENû
SETûWELLûINûADVANCEûOFûFULLûSTACKûPRICINGûANDû
CANûTHEREFOREûREmECTûMARKETûCONDITIONSû
FROMûSOMEûWEEKSûEARLIER


"ELOWûINVESTMENTûGRADEû4IKEHAUSû
$OUBLEû"SûCAMEûATûAûDISCOUNTûMARGINûOFû
BP ûWITHû"ARINGSûATûBPûANDû#6#ûATû
BPû2ESPECTIVEû3INGLEû"ûMARGINSûWEREû
BP ûBPûANDûBP
0LEASEûSEEûTHEûASSET
BACKEDûSUMMARYû
DETAILSûTABLEûFORûFULLûCAPITALûSTRUCTURES

KKR RESETS AVOCA CLO XVI

KKR CREDIT ADVISORSûPRICEDûAûõMûRESETûOFû
AVOCA CLO XVIûONû&RIDAYûDeutsche Bank WASû
ARRANGERûANDûLEADûMANAGERû,EVELSûINCLUDEû
BPûOVERû%URIBORûATûTHEû4RIPLEû! ûTHEû
$OUBLEû"SûATûAûDISCOUNTûMARGINûOFûBPûANDû
THEû3INGLEû"SûATûBP

US MBS


MBS PRICINGS

CMBS

MSC 2018-SUN
MORGAN STANLEYûPRICEDûAû53Mû#-"3û
CALLEDûMSC 2018-SUNûMorgan StanleyûWASûSOLEû
MANAGERûANDûBOOKRUNNERû4HEûSPONSORûISû
REALûESTATEûINVESTMENTûCOMPANYûEDWARD
THOMAS COMPANIES
#OLLATERALû4WOûLUXURYû3ANTAû-ONICAû
BEACHFRONTûHOTELSû3HUTTERSû/Nû4HEû"EACHû
ANDû#ASAû$ELû-AR ûINû#ALIFORNIAû4ERMûISûTWOû
YEARS ûWITHûlVE ûONE
YEARûOPTIONALû
EXTENSIONS
,ARGESTûTRANCHEû#LASSû!û53Mû

YEARû7!,ûINITIALLYûRATEDû4RIPLEû!û
PRICEDûATû,IBORûPLUSûBP

FNA 2018-M10
FANNIE MAEûPRICEDûAû53MûMULTI
FAMILYû
MORTGAGE
BACKEDûSECURITISATION ûFNA 2018-M10 û
VIAûITSû'E-3ûPROGRAMMEûCredit Suisse WASû
LEADûMANAGERûANDûBOOKRUNNERûBank of
America Merrill Lynch û'REATû0ACIlCûANDûPNC
WEREûCO
MANAGERSû!LLûCLASSESûOFû&.!û
-ûAREûGUARANTEEDûBYû&ANNIEû-AEûFORûFULLû
ANDûTIMELYûPAYMENTûOFûINTERESTûANDû
PRINCIPAL
#OLLATERALûû&ANNIEû-AEû$53û-"3
,ARGESTûTRANCHEû#LASSû!û53Mû

YEARû7!,ûPRICEDûATûSWAPSûPLUSûBP

FREMF SPC 2018 K-F48
FREDDIE MACûPRICEDûAûNEWû53BNûPLUSû
PASS
THROUGHû#-"3 ûCALLEDûFREMF 2018 K-F48 ûOFû
mOATING
RATEûMULTI
FAMILYûMORTGAGESûWITHû

YEARûTERMSûGoldman SachsûANDûAmherst
PierpontûWEREûCO
LEADûMANAGERSûANDûJOINTû
BOOKRUNNERS
#OLLATERALû+
&û#ERTIlCATESûANDû
GUARANTEEDûBYû&REDDIEû-AC
3OLEûTRANCHEû#LASSû!û53BNû
YEARû7!,ûPRICEDûATûPARûANDûAûONE
MONTHû
,IBORûPLUSûBPûCOUPON

BBCMS TRUST 2018-CBM
COLONY CAPITALûAFlLIATESûPRICEDûAûLARGE
LOANû
#-"3ûBACKEDûBYûAûPORTFOLIOûOFûûSELECT
SERVICEûHOTELSû4HEû53MûDEALûISûCALLEDû
BBCMS TRUST 2018-CBMû*OINTûBOOKRUNNERSûANDû
CO
LEADûMANAGERS BarclaysûANDûMorgan Stanley
PRICEDûTHEûDEAL
#OLLATERALû0ORTFOLIOûOFûûHOTELSûTOTALLINGû
 ûKEYSûLOCATEDûINûûSTATESû

GSMS 2018-GS10
GOLDMAN SACHSûPRICEDûAû53MûCONDUITû
#-"3ûTRANSACTION ûGSMS 2018-GS10ûGoldman Sachs
WASûLEADûUNDERWRITER ûACCORDINGûTOûAûlLING
#OLLATERALûûCOMMERCIALûMORTGAGESûWITHû
ANûAGGREGATEûPRINCIPALûBALANCEûOFû
   ûONûûPROPERTIESûACROSSûû
STATESûANDû-EXICO ûACCORDINGûTOû30
,ARGESTûTRANCHEû#LASSû!
û53Mû

YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû
SWAPSûPLUSûBP ûORûTHEûWIDEûRANGEûOFûTALKûOFû
BP
BP ûACCORDINGûTOûTHEûlLING

GSMS 2018-RIVR
GOLDMAN SACHSûPRICEDûAû53MûSINGLEû
ASSETSINGLEûBORROWERû#-"3ûCALLEDûGSMS 2015-
RIVRû4HEûBORROWERûISûANûAFlLIATEûOFû
BLACKSTONE REAL ESTATE PARTNERSûGoldman
SachsûWASûTHEûORIGINATORûANDûLOANûSELLER
#OLLATERALû!û53MûmOATING
RATEûLOANû
WITHûANûINITIALûTWO
YEARûTERM ûANDûlVE ûONE
YEARûEXTENSIONûOPTIONSû)TûBACKSû#HICAGOSû
2IVERû.ORTHû0OINTûOFlCEûANDû(OLIDAYû)NNû
HOTELûCOMPLEXûALONGûTHEûNORTHûBANKûOFûTHEû
#HICAGOû2IVER
,ARGESTûTRANCHEû#LASSû!û53Mû

YEARûINITIAL û7!,ûRATEDû!!!ûPRICEDûATû
ONE
MONTHû,IBORûPLUSûBPûONûAûDISCOUNTû
MARGINûBASIS

JPMCCT 2018-WPT
WORKSPACE PROPERTY TRUSTûPRICEDûAû53Mû
#-"3ûTRANSACTIONûCALLEDûJPMCCT 2018-WPTûJP
Morgan WASûLEADûUNDERWRITER
#OLLATERALû&IRSTûLIENûONûAûPORTFOLIOûOFûû
SUBURBANûOFlCE ûmEXûANDûRETAILûPROPERTIESû
TOTALLINGûMûSQûFT
0ROPERTIESûAREûLOCATEDûINû!RIZONA û&LORIDA û
-INNESOTA ûANDû0ENNSYLVANIA

M360 2018-CRE1
MONEY360ûPRICEDûITSûlRSTû53MûMANAGEDû
#2%û#,/ûCALLEDûM360 2018-CRE1ûVIAûSUBSIDIARYû
-û!DVISORSû4HEûDEALûHASûAû
MONTHû
REINVESTMENTûPERIODûENDINGû*ULYû û
ACCORDINGûTOû+"2!û$IGITALûLENDERû-ONEYû
ORIGINATEDûALLûTHEûLOANSûJP Morgan lead
MANAGER
#OLLATERALûûMORTGAGESûONûûPROPERTIESû
WITHûANûAGGREGATEûCUT
OFFûDATEûBALANCEûOFû
53Mû0REVIOUSLYûUNIDENTIlEDûWHOLEû
LOANSûANDûPARIûPASSUûPARTICIPATIONSûMAYûBEû
ACQUIREDûDURINGûTHEûREINVESTMENTûPERIOD û
SUBJECTûTOûTHEûSATISFACTIONûOFûTHEûELIGIBILITYû
CRITERIAûANDûREINVESTMENTûCRITERIA
Free download pdf