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A Closer Look at EU Loan Syndication, U.S. Financing Trends and CMBS
July 29, 2019 | Issue No. 2

Welcome to the second issue of Cadwalader's REF News and Views.

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Partner | Real Estate

Of late, some borrowers have been successful negotiating several liability for sponsors under guarantees in their transactions. We take a closer look.

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Partner | Real Estate
Associate | Real Estate

Europe Economics has published its final report on “EU loan syndication and its impact on competition in credit markets.” Here is a summary of that report and some observations.

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Partner | Real Estate

The financial test of the Loan to Value (LTV) ratio in U.S. syndicated lending continues to be used in underwriting and certain covenant conditions. While we have seen a shift from the use of Debt Service Coverage Ratios (DSCR) to Debt Yields (DY) since the 2008 recession, the LTV ratio continues to be used in certain circumstances.

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U.S. CMBS issuance equalled approximately $171 billion during 2018.  In the same period, European CMBS issuance equalled approximately €4 billion which, whilst not close to the issuance levels of the U.S. CMBS market, represents a significant increase for the European market compared to any other period since the financial crisis.  Issuance of U.S. CRE CLOs during 2018 equalled approximately $14.5 billion. The activity levels in 2019 for all of these products continue at a strong pace reflecting the global demand for commercial mortgage-backed securities. 

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Cadwalader once again sits atop the midyear commercial mortgage-backed securities (CMBS) tables published by Commercial Mortgage Alert.

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A calendar of upcoming events in Europe and the U.S.

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Key Contacts

William P. McInerney
Partner
T. +1 212 504 6118
william.mcinerney@cwt.com

 

Duncan Hubbard
Partner
T. +44 (0) 20 7170 8525
duncan.hubbard@cwt.com

Fredric L. Altschuler
Senior Counsel
T. +1 212 504 6525
fredric.altschuler@cwt.com

 

Melissa C. Hinkle
Partner
T. +1 212 504 6972
melissa.hinkle@cwt.com

Holly Marcille Chamberlain
Partner
T. +1 704 348 5121
holly.chamberlain@cwt.com

 

Alan W. Lawrence
Partner
T. +1 212 504 6332
alan.lawrence@cwt.com

Jeremy Cross
Partner
T. +44 (0) 20 7170 8530
jeremy.cross@cwt.com

 

Bonnie A. Neuman
Partner
T. +1 212 504 5625
bonnie.neuman@cwt.com

Christopher J. Dickson
Partner
T. +1 704 348 5159
christopher.dickson@cwt.com

 

Matthew Robertson
Partner
T. +1 704 348 5257
matthew.robertson@cwt.com

Steven M. Herman
Partner
T. +1 212 504 6054
steven.herman@cwt.com

   
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