Commercial mortgage originations in 3Q way down from one year ago
And an uptick from second-quarter numbers is attributed to seasonality rather than any upswing in the economy.
Commercial lending
CLO equity rebounds with strong October performance
Annualized returns have now exceeded double digits for the 10th straight year, despite early 2020 volatility related to the coronavirus pandemic.
By
Glen Fest
As winter approaches, banks brace for defaults on restaurant loans
Many eateries that relied on outdoor dining to survive the pandemic could see revenues plummet as the weather turns cold.
Why multifamily loans remain resilient in New York
Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.
Cash builds for property debt funds with crisis delayed for now
Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.
Bond defaults deliver 99% losses in new era of U.S. bankruptcies
Bankruptcy filings are surging due to the economic fallout of Covid-19, and many lenders are coming to the realization that their claims are almost completely worthless. Instead of recouping, say, 40 cents for every dollar owed, as has been the norm for years, unsecured creditors now face the unenviable prospect of walking away with just pennies – if that.
Amex’s recipe for small-business lending: Heavy on the Kabbage
With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.
Opinion: Junk bonds won’t save everybody from going bust
investors need to remember that speculative-grade companies aren’t immune from going bust, no matter how wide open the debt markets might be.
Pagaya plans first publicly rated securitization of marketplace loans
Pagaya Investments, which purchases loans from MPL platforms using AI-driven technology, is sponsoring a $423.9 million transaction, according to a ratings agency presale report.
By
Glen Fest
Leveraged lending has avoided pandemic hit. Will that last?
Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.
Oaktree deal crushed a leveraged loan and exposed market’s woes
Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
Weekly Wrap: Navient forbearance rates dip
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 2-8
By
Glen Fest
End of an era: LendingClub to drop P2P platform
The San Francisco fintech, which is buying Radius Bancorp, will discontinue peer-to-peer lending and instead offer new products, like high-yield savings accounts, to its retail investors.
Oaktree deal crushed a leveraged loan and exposed market’s woes
Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
S&P: CLO ‘CCC’ buckets fall to lowest post-COVID levels
The ratings agency reported that the average percentage share of triple-C rated loans in CLO portfolios fell below 10% for the first time since March.
By
Glen Fest
Wells: 3Q U.S. CLO issuance tops year-ago levels
The quarterly numbers were boosted by $11.3 billion in new deals last month, the most active month for CLOs since April 2019.
By
Glen Fest
JPMorgan reduces HY/loan default forecast for year-end 2020
Credit research analysts cite a "significant" drop in defaults since the 2Q and improving macroeconomic indicators.
By
Glen Fest
Weekly Wrap: Another month of declining CMBS delinquencies
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1
By
Glen Fest
CRE delinquency rates and debt improve, hospitality sector still lags
Overall debt outstanding for delinquent commercial and multifamily mortgages cut down in September as more of the economy opens further with lodging and retail far behind, according to the Mortgage Bankers Association.
Life insurers may see mortgage losses above fiscal crisis levels
Delinquencies will rise due to the severe effects of the pandemic on the commercial property sector, Fitch said.
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