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2 months ago | 
bloomberg.com | Immanual John Milton |Charlie Williams
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Dec 5, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
Luxury hotel Fontainebleau Miami Beach sold a $975 million commercial mortgage-backed security to refinance debt. The CMBS is part of a broader $1.2 billion debt package that includes a mezzanine loan of as much as $225 million. The almost 1,600-room hotel is also expected to get a $105 million equity infusion from Jeffrey Soffer, the indirect majority owner of the hotel, marking the total money raised to about $1.3 billion, according to deal documents.
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Dec 4, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
Fontainebleau Miami Beach, a luxury hotel founded in the 1950s, plans to sell a $975 million commercial mortgage-backed security to refinance its debt. It seeks to raise around $1.2 billion in debt financing, including the CMBS and a mezzanine loan of as much as $225 million, according to deal documents.
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Nov 22, 2024 | 
bloomberg.com | Charlie Williams |Immanual John Milton
About $184.7 billion of bonds backed by buyout loans have been issued this year, setting an annual issuance record for the third time since 2018. Sales of collateralized loan obligations, which package leveraged loans into bonds, have climbed past the $183.8 billion record set in 2021, data compiled by Bloomberg News shows. Before that, the level to beat was $130.4 billion, in 2018.
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Oct 29, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
Sales of debt backed by everything from auto loans to airplane leases to Subway franchise fees have hit their highest level since the financial crisis, as banks try to meet new capital rules and insurance companies clamor for higher-yielding debt. Asset-backed securities sales have topped $313 billion this year, surpassing 2021’s $312.6 billion, data compiled by Bloomberg shows.
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Oct 17, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
A behemoth $3.4 billion bond sale backed by Rockefeller Center, one of New York City’s real estate crown jewels, wrapped up on Thursday, adding the iconic attraction to a deluge of commercial mortgage-backed securities sold in 2024. The Rockefeller Center deal, run by Bank of America Corp. and Wells Fargo & Co., is the biggest sale in the sector since June 2021 when a CMBS bond backed by 560 hotel properties associated with Extended Stay America sold for $4.65 billion.
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Oct 3, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
Sales of US asset-backed bonds broke through last year’s total and sit in position to overtake the post-Great Financial Crisis record. On Thursday, Ford priced Bloomberg Terminala $1.7 billion bond backed by auto dealer floorplans, putting sales over 2023 with three months still to go.
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May 21, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
Banks plan to kick off a bond sale as soon as next week to help pay for Roark Capital Group’s buyout of restaurant chain Subway, according to people with knowledge of the matter. The sandwich maker will raise funds using what’s known as a whole business securitization, where a company pledges most of its assets as collateral.
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May 17, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
Companies flooded the asset-backed securities market with offerings this week, selling the most bonds this year as they looked to borrow before inflation reports added extra uncertainty to markets. Issuers sold more than $14.3 billion of asset-backed bonds, beating out the $14.1 billion weekly record for 2024 set in early January, data compiled by Bloomberg News shows. Bonds backed by auto loans totaling $11.5 billion helped to drive sales during the week, with the likes of Harley-Davidson Inc.
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May 13, 2024 | 
bloomberg.com | Immanual John Milton |Charlie Williams
At least 10 issuers are marketing deals in the US auto asset-backed securities market, with many hoping to finalize terms early this week to avoid potential volatility ahead of the latest consumer price index data release on Wednesday. Vehicle makers like Honda Motor Co., Stellantis NV, Hyundai Motor Co. and Harley-Davidson Inc., as well as financial firms like Bank of America Corp.
