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European CMBS Monthly Bulletin (April 2012): Borrowers Are Back Under The Weather Apr 12

Description:

Abstract
In March, Standard & Poor's Ratings Services saw relatively quiet loan-level activity in the European commercial mortgage-backed securities (CMBS) that we rate. But reports indicate that it's back to business as usual in April: So far, 10 of April's 29 maturing loans have failed to meet their maturity obligations, and eight more loans have entered special servicing. We will report more fully on these matters next month. And at the note level, Titan Europe 2006-1 PLC's liquidity facility provider, HSBC Bank PLC, has permitted a liquidity facility draw of about ?3.6 million?after stating that it was cancelling its commitment and declaring a liquidity facility event of default two months earlier. (We discuss this in "Ratings And Note-Level Matters" below.) Table...

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 new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Companies Mentioned

- Deutsche Bank Luxembourg S.A.
- Finance for Residential Social Housing PLC
- Deutsche Pfandbriefbank AG
- Hypo Real Estate Bank International AG
- Trafford Centre Finance Ltd. (The)
- Canary Wharf Finance II PLC
- ARES FINANCE 2 S.A.
- GECO 2002 Ltd.
- Juturna (European Loan Conduit No. 16) PLC
- Premiertel PLC
- La Defense III PLC
- Delamare Finance PLC
- Sandwell Commercial Finance No.1 PLC
- Pacific Quay Finance PLC
- Annington Finance No. 4 PLC
- Morpheus (European Loan Conduit No. 19) PLC
- Epic (Caspar) PLC
- PICTS PLC
- Land Securities Capital Markets PLC
- Opera Finance (MetroCentre) PLC
- Real Estate Capital (Foundation) Ltd.
- Broadgate Financing PLC
- White City Property Finance PLC
- Mall Funding PLC (The)
- Opera Finance (CSC 3) PLC
- Opera Finance (Uni-Invest) B.V.
- Forest Finance PLC
- Talisman 1 Finance PLC
- FIP Funding S.r.l.
- DECO Series 2005-UK Conduit 1 PLC
- PROSCORE-VR 2005-1 PLC
- Vesteda Residential Funding II B.V.
- BELLATRIX (ECLIPSE 2005-2) PLC
- DECO Series 2005-Pan Europe 1 PLC
- Sandwell Commercial Finance No. 2 PLC
- Cornerstone Titan 2005-1 PLC
- Victoria Funding (EMC-III) PLC
- LCP Proudreed PLC
- FCC Proudreed Properties 2005
- Prominent CMBS Funding No. 1 PLC
- London & Regional Debt Securitisation No. 1 PLC
- Odysseus (European Loan Conduit No. 21) FCC
- DECO 6 - UK Large Loan 2 PLC
- Taurus CMBS No. 2 S.r.l.
- European Property Capital 3 PLC
- Tahiti Finance PLC
- Epic (Ayton) PLC
- DRACO (ECLIPSE 2005-4) PLC
- Cornerstone Titan 2005-2 PLC
- Perseus (European Loan Conduit No. 22) PLC
- Talisman-3 Finance PLC
- Vanwall Finance PLC
- Opera Finance (CMH) 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
- Epic (More London) PLC
- DECO 8 - UK Conduit 2 PLC
- Windermere VII CMBS PLC
- Credent Ltd.
- 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
- German Residential Asset Note Distributor PLC
- NEMUS Funding No. 1 PLC
- Talisman-4 Finance PLC
- Cornerstone Titan 2006-1 PLC
- REC Plantation Place Ltd.
- Quokka Finance PLC
- German Residential Funding PLC
- Radamantis (European Loan Conduit No. 24) PLC
- DECO 9 - Pan Europe 3 PLC
- LEO-MESDAG B.V.
- FORNAX (ECLIPSE 2006-2) B.V.
- Infinity 2006-1 "Classico"
- Fleet Street Finance Two PLC
- 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
- Credit Default Swap
- Cirene Finance S.r.l.
- Taurus CMBS (Pan-Europe) 2006-3 PLC
- Windermere IX CMBS (Multifamily) S.A.
- HERCULES (ECLIPSE 2006-4) PLC
- DECO 10-Pan Europe 4 PLC
- Semper Finance 2006-1 Ltd.
- Talisman-5 Finance PLC
- Meadowhall Finance PLC
- UNITE (USAF) PLC
- NEMUS II (Arden) PLC
- Opera Germany (No. 2) PLC
- Bluebonnet Finance PLC
- Titan Europe 2006-5 PLC
- RIVOLI Pan Europe 1 PLC
- DECO 11 - UK Conduit 3 PLC
- Bruntwood Alpha PLC
- Alburn Real Estate Capital Ltd.
- 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.
- Quality Parking 2007 B.V.
- Opera Germany (No. 3) Ltd.
- STABILITY CMBS 2007-1 GmbH
- 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.
- Semper Finance 2007-1 GmbH
- DECO 15 - Pan Europe 6 Ltd.
- Prominent CMBS Conduit No. 2 Ltd.
- MESDAG (Delta) B.V.
- Ulysses (European Loan Conduit No. 27) PLC
- Taurus CMBS (Pan-Europe) 2007-1 Ltd.
- Epic (Value Retail) Ltd.
- Duncannon CRE CDO I PLC
- 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.
- Portfolio GREEN German CMBS GmbH
- Xuthus (European Loan Conduit No. 29) S.A.
- Diversity Funding No. 1 Ltd.
- DECO 17 - Pan Europe 7 Ltd.
- Sandwell Commercial Finance No. 3 Ltd.
- Excalibur Funding No. 1 PLC
- Asset Repackaging Vehicle Limited
- Tesco Property Finance 1 PLC
- Tesco Property Finance 2 PLC
- Tesco Property Finance 3 PLC
- Tesco Property Finance 4 PLC
- FCT Infinity 2009-1 "Gamma"
- DECO 2011-CSPK Ltd.
- DECO 2012-MHILL Ltd.
- Tesco Property Finance 5 PLC

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European CMBS Monthly Bulletin (April 2012): Borrowers Are Back Under The Weather Apr 12

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Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)