When Euromoney recently asked a CMBS expert what percentage of European deals outstanding would need to be restructured in some form, his rather chilling answer was “all of them”. This alarming news came alongside a Moody’s announcement in late July that the first substantive losses in European CMBS had been realized following the liquidation of loans in three large multi-borrower transactions.
Losses on the senior notes in one of the deals, an RBS-originated synthetic single-borrower deal, are expected to be between 30% and 40%.
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