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Commercial Mortgage Loans and CMBS: Developments in the European Market, 3rd Edition

Commercial Mortgage Loans and CMBS: Developments in the European Market, 3rd Edition

  • 作者:
  • 出版商: Sweet & Maxwell U.K.
  • ISBN: 9780414057449
  • 出版时间 October 2016
  • 规格: Hardback
  • 适应领域: Europe ? 免责申明:
    Countri(es) stated herein are used as reference only

List Price: ¥2,745.36

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  • 描述 
  • 大纲 
  • 作者 
  • 详细

    Commercial Mortgage Loans and CMBS: Developments in the European Market is the only title of its kind to bring together all the UK and European practice regarding the current commercial mortgage loans and CMBS markets.

    Main Features:-

    • Updated to deal with latest developments in the market, including the emergence of shadow banks, tax regime changes, and UK, European and international regulatory developments
    • Provides comprehensive legal and practical guidance on this important area of financial law, giving a complete insider’s view of current practice in the post-credit crisis environment
    • Gives detailed coverage of the “CMBS 2.0” structures, which are designed to remove potential conflicts of interest
    • Looks at the role of CMBS in the wider commercial real estate market
    • Deals with both setting up new transactions and the administration of existing arrangements, including restructuring and refinancing of distressed debt in legacy CMBS
    • Includes a chapter on Islamic financing issues
    • Examines the related economic and technological issues
    • Features a range of practical tools, such as key agreements, and a glossary of terms
    • Provides guidance on UK, European and US practice
    • Looks ahead to likely future trends and opportunities
    • Includes a chapter on the investor’s perspective helping their legal advisers to pre-empt their needs and decision making
    • Is written by experts at a leading international law firm, with contributions from investment banks, consultants and the leading industry organisation (CREFC) to provide real insight into law and practice

    NEW FOR THIS EDITION:-

    • Regulation: Focus on the post-2012 continuing unprecedented level of intervention by the world's central banks as well as the introduction of new regulatory frameworks aimed at trying to minimise the risk of a further crisis in the real estate financing markets, including detailing a complete compendium of the regulatory regime currently encompassing the real estate finance market, including Basel III, CRD IV, EMIR and Dodd Frank
    • Current Commercial Real Estate Lending Market: Examination of the changing size and structure of the UK’s CRE lending market, and specifically how this has impacted on transaction volumes, capital values and development over the property cycle
    • Shadow Banks: Discussion of the role of traditional lenders and the emergence of non-banks (or “shadow banks”) in the context of deleveraging since the publication of the 2nd edition.
    • Re-emergence of Capital Markets: Consideration of the convergence of the debt and equity capital markets and global capital markets and the convergence of different disciplines within the capital markets
    • Tax Regime Changes: Considering the tax regime that dictates almost every real estate financing structure (including the recent development of FATCA)
    • Market Opportunities: Examining the main opportunities and challenges that exist in the commercial mortgage loan and CMBS markets by examining the context of where European commercial mortgage loan markets are at the time of writing and to highlight opportunities and challenges these markets present to the financier and investor with consideration to the market structure and evolving regulatory backdrop.
    • Re-emergence of CMBS: focus on the many factors at play in determining the efficiency of real estate securitisation products by exploring the continuing interaction between real estate debt and debt capital markets and the regulators.
    • Capital Flows: Examination of the immense and continuously expanding global pool of funds that are searching for liquid and rewarding investments, including an examination of the opportunity for private equity funds in the real estate debt markets
    • Subordinated Debt and Intercreditors: Detailed examination of subordinated debt structures- both senior/mezzanine and AB structures Focus on LMA REF intercreditor and work being undertaken by CREFC in putting in place principles for both structural subordination and contractual subordination
  • 1. The legacy commercial mortgage loan and CMBS markets
    2. Commercial Mortgage Loans, CMBS and its role in the wider real estate debt capital markets
    3. Opportunities for refinancing legacy commercial mortgage loans, CMBS loans and assets: a private equity perspective
    4. Acquiring legacy commercial mortgage loan and CMBS portfolios: taking advantage of deleveraging
    5. The current commercial mortgage loan and CMBS markets: restructuring distressed legacy commercial mortgage loan and CMBS deals and the opportunities for new issuance under CMBS 2.0
    6. Restructuring distressed legacy commercial mortgage loans and CMBS loans: the legal issues
    7. Asset managing legacy commercial mortgage loans and CMBS loans
    8. Servicing distressed legacy commercial mortgage loans and CMBS loans: workouts, enforcements
    9. Servicing commercial mortgage loans and CMBS 2.0: legal issues
    10. Derivatives strategy in maturing and non-performing legacy commercial mortgage loans and CMBS loans and the role of swaps and derivatives in CMBS 2.0
    11. The economics of commercial mortgage lending and CMBS origination 
    12. The role of issuers and trustees in the commercial mortgage-backed securitisation market
    13. The role of the rating agencies in the commercial mortgage loan and CMBS markets
    14. Investor reporting in the commercial mortgage loan and CMBS markets
    15. The secondary market and value in legacy commercial mortgage loans and CMBS versus CMBS 2.0: an investor’s perspective
    16. Leverage and the commercial mortgage loan and CMBS markets
    17. The modern intercreditor agreement: terms and issues
    18. Regulatory environment impact on the European commercial mortgage loan and CMBS markets
    19. European commercial mortgage loan and CMBS markets: development and outlook for the continental European markets
    20. Islamic compliant financing of commercial real estate
    21. Opportunities for foreign investment in the European commercial mortgage loan and CMBS markets
    22. Challenges and opportunities for commercial mortgage loan and CMBS markets

  • Andrew V Petersen, K&L Gates LLP

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