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Volume 1 - Number 17 | December 9, 2004
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TOP STORY: Super-Seniors Hit Big—For Now
By Bennett Voyles
The new super-senior tranches first introduced by CSFB last month have made a splash in the market, but some analysts say they may prove a mixed blessing to the industry.
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INSIDER: GE Real Estate's Dan Smith
By Erika Morphy
When GE Real Estate formed its Strategic Capital Group—a division designed to work with institutional clients in structured and CMBS deals—at the beginning this year, senior vice president of the company's North America debt group Dan Smith was hoping to close the year with $1 billion in deal volume. Almost one year later, the unit has exceeded the company's expectations by fivefold.
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What's Hot, What's Not: Fixed-Rate Fusion & Large-Loan Floating-Rate Transactions
By Erika Morphy
What's Hot--Fixed-rate fusion transactions and large-loan floating-rate transactions: These represented the vast majority of the domestic CMBS market, respectively, in 2004, according to Fitch Ratings. And what a market it was: The agency reports that by year-end 2004, the US CMBS market will have achieved record domestic issuance.
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Strong 2005 Predicted For European Market
By Bennett Voyles
European CMBS issuance is likely to have another good year in 2005, European CMBS executives predict. “I think we’ll be up next year,” says Howard Esaki, the London-based executive director of European securitization research for Morgan Stanley, who predicts a 25% growth in volume next year, above the approximately 20 billion euros expected this year.
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