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European CMBS Monthly Bulletin (March 2010): Property Disposals Are Becoming More Prominent As Loan Delinquencies Rise Apr 10 Product Image

European CMBS Monthly Bulletin (March 2010): Property Disposals Are Becoming More Prominent As Loan Delinquencies Rise Apr 10

  • Published: April 2010
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • ASAR International S.A.
  • DECO 9 - Pan Europe 3 PLC
  • FIP Funding S.r.l.
  • MESDAG (Charlie) B.V.
  • Premiertel PLC
  • Titan Europe 2006-1 PLC
  • MORE

Abstract
In March 2010, the special servicer began marketing eight of the properties that secure the European commercial mortgage-backed securities (CMBS) transaction White Tower 2006-3 PLC. This provides the first example Standard & Poor's Ratings Services has seen in Europe of a special servicer using property disposals to work out a loan that became delinquent after failing to repay at maturity. By comparison, previous property disposal examples involved loans that became delinquent due to payment defaults during the loan term rather than at maturity. In this month's article we analyze three previous examples from this year where special servicers have used disposals to work out delinquent loans. This analysis will look at how factors such as debt service and property type...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for READ MORE >

- Deutsche Pfandbriefbank AG
- Hypo Real Estate Bank International AG
- Trafford Centre Finance Ltd. (The)
- Highbury Finance B.V.
- Canary Wharf Finance II PLC
- GECO 2002 Ltd.
- Juturna (European Loan Conduit No. 16) PLC
- Premiertel PLC
- La Defense III PLC
- Midgaard Finance Ltd.
- Delamare Finance PLC
- Sandwell Commercial Finance No.1 PLC
- Pacific Quay Finance PLC
- PICTS PLC
- Land Securities Capital Markets PLC
- Broadgate Financing PLC
- Taurus CMBS No. 1 PLC
- White City Property Finance PLC
- Akero Multifamily Housing No. 1 Ltd.
- Forest Finance PLC
- FIP Funding S.r.l.
- DECO Series 2005-UK Conduit 1 PLC
- Vesteda Residential Funding II B.V.
- DECO Series 2005-Pan Europe 1 PLC
- Sandwell Commercial Finance No. 2 PLC
- Cornerstone Titan 2005-1 PLC
- FCC Proudreed Properties 2005
- Prominent CMBS Funding No. 1 PLC
- London & Regional Debt Securitisation No. 1 PLC
- DECO 6 - UK Large Loan 2 PLC
- Taurus CMBS No. 2 S.r.l.
- European Property Capital 3 PLC
- DRACO (ECLIPSE 2005-4) PLC
- Cornerstone Titan 2005-2 PLC
- BL Superstores Finance PLC
- MESDAG (Berlin) B.V.
- DECO 7 - Pan Europe 2 PLC
- Longstone Finance PLC
- Eddystone Finance PLC
- Titan Europe 2006-1 PLC
- DECO 8 - UK Conduit 2 PLC
- Windermere VII CMBS PLC
- Titan Europe 2006-2 PLC
- Imser Securitisation 2 S.r.l.
- EQUINOX (ECLIPSE 2006-1) PLC
- Patrimonio Uno CMBS S.r.l.
- Titan Europe 2006-3 PLC
- Epic (Brodie) PLC
- Quirinus (European Loan Conduit No. 23) PLC
- Taurus CMBS (Germany) 2006-1 PLC
- Ursus 2 (Octane) PLC
- Windermere VIII CMBS PLC
- EuroProp (EMC) S.A. (Compartment) 1
- NEMUS Funding No. 1 PLC
- Talisman-4 Finance PLC
- Cornerstone Titan 2006-1 PLC
- DECO 9 - Pan Europe 3 PLC
- LEO-MESDAG B.V.
- FORNAX (ECLIPSE 2006-2) B.V.
- Infinity 2006-1 "Classico"
- Epic (Industrious) PLC
- European Property Capital 4 PLC
- Fordgate Commercial Securitisation No. 1 PLC
- ASAR International S.A.
- GEMINI (ECLIPSE 2006-3) PLC
- Taurus CMBS (U.K.) 2006-2 PLC
- Cirene Finance S.r.l.
- Taurus CMBS (Pan-Europe) 2006-3 PLC
- HERCULES (ECLIPSE 2006-4) PLC
- DECO 10-Pan Europe 4 PLC
- Talisman-5 Finance PLC
- NEMUS II (Arden) PLC
- Opera Germany (No. 2) PLC
- Titan Europe 2006-5 PLC
- RIVOLI Pan Europe 1 PLC
- DECO 11 - UK Conduit 3 PLC
- Bruntwood Alpha PLC
- Epic (Culzean) PLC
- Cornerstone Titan 2007-1 PLC
- Silenus (European Loan Conduit No. 25) Ltd.
- DECO 12 - UK 4 PLC
- DECO 14 - Pan Europe 5 B.V.
- Indus (ECLIPSE 2007-1) PLC
- Triton (European Loan Conduit No. 26) PLC
- MESDAG (Charlie) B.V.
- Talisman-6 Finance PLC
- Windermere X CMBS Ltd.
- White Tower Europe 2007-1 PLC
- JUNO (ECLIPSE 2007-2) Ltd.
- Titan Europe 2007-1 (NHP) Ltd.
- Infinity 2007-1 ''Soprano'' FCC
- Fleet Street Finance Three PLC
- Epic (Drummond) Ltd.
- Titan Europe 2007-2 Ltd.
- EuroProp (EMC VI) S.A.
- Talisman-7 Finance Ltd.
- DECO 15 - Pan Europe 6 Ltd.
- MESDAG (Delta) B.V.
- Ulysses (European Loan Conduit No. 27) PLC
- Taurus CMBS (Pan-Europe) 2007-1 Ltd.
- Epic Opera (Arlington) Ltd.
- Windermere XI CMBS PLC
- Titan Europe 2007-3 Ltd.
- Vulcan (European Loan Conduit No. 28) Ltd.
- Windermere XII FCC
- Windermere XIV CMBS Ltd.
- DECO 17 - Pan Europe 7 Ltd.

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