European CMBS Break Through The Refinance Wall
Jun 4, 2025 -… July 31, 2025 142.50 37.74 Retail 9.72 220.00 40.60 17.2 Not reported Low Frost CMBS 2021-1 DAC New Cold U.K. Nov. 15, 2025 112.35 108.4 Logistics 19.00 185.69$ 61.3† 60.9† 8.9 Low Highways 2021 PLC Secured Loan U.K. ...We believe the loan is in a very good position to refinance. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. ...The remaining five loans--Berg Finance 2021 DAC (Sirocco loan), Bruegel 2021 DAC (senior loan), Taurus 2019-4 FIN DAC (single loan), Frost CMBS 2021-1 DAC (single loan), and Taurus 2021-3 DEU DAC--were initially scheduled to mature during 2023-2024 but all these loan maturity dates were extended to 2025. …
European CMBS Monitor Q1 2025
Apr 30, 2025 -… N 1 Mixed use Finland Frost CMBS 2021-1 DAC New Cold 184,306,894 100 Nov. 17, 2025 Y 0.61 0.09 Mount Street Mortgage Servicing Ltd. ...Overall, we believe this loan's refinancing prospects have turned less promising, given the relatively high leverage post the release of the trapped cash. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. …
European CMBS Monitor Q3 2024
Oct 24, 2024 -… No. of properties Asset type Jurisdiction Frost CMBS 2021-1 DAC New Cold 184,889,250 100 Nov. 15, 2024 Y 63.51 9.66 Mount Street Mortgage Servicing Ltd. ...§New final loan maturity date. LTV--Loan-to-value. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. …
Insurance Industry And Country Risk Assessment: Norway Property/Casualty
Sep 18, 2024 -… While storms and floods are covered by the Norwegian Natural Perils Pool and individual reinsurance, weather-related claims outside this scheme have increased, impacting the insurers directly, such as water damage from frost and excess snow resulting in a higher frequency of motor-related accidents. …
Tighter Liquidity Regulations Could Help Fortify The U.S. Banking Sector, Where Liquidity Risks Still Linger
Jul 11, 2024 -… BOK Financial Corp. 3 32 37 (5) 195 Cadence Bank 6 23 26 (11) 173 Capital One Financial Corp. 11 27 18 (11) 299 Citigroup Inc. 11 31 73 (5) 129 Citizens Financial Group Inc. 6 23 30 (7) 159 Columbia Banking System Inc. 4 21 32 (6) 146 Comerica Inc. 7 27 42 (15) 168 Commerce Bancshares Inc. 6 36 39 (12) 114 Cullen/Frost Bankers Inc. 17 54 52 (9) 122 Discover Financial Services 9 18 6 (1) 1,031 East West Bancorp Inc. 6 21 40 (10) 128 F.N.B. …
Rating Component Scores For U.S., Canadian, And Bermudian Banks (June 2024)
Jun 28, 2024 -… Group SACP Type of external support No. of notches of support Operating company long-term ICR/outlook Bank holding company rating/outlook Ally Financial Inc. bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/Adequate (-1) 0 bbb None 0 BBB-/Stable American Express Co. bbb+ Strong (+1) Adequate (0) Strong (+1) Moderate/Adequate (-1) 0 a- None 0 A-/Positive BBB+/Positive Associated Banc Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/Adequate (-1) 0 bbb None 0 BBB/Stable BBB-/Stable Bank of America Corp. bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/Adequate (0) 0 a ALAC 1 A+/Stable A-/Stable Bank of New York Mellon Corp. bbb+ Very strong (+2) Adequate (0) Strong (+1) Adequate/Strong (0) 0 a+ ALAC 1 AA-/Stable A/Stable Bank of North Dakota bbb+ Adequate (0) Very strong (+2) Adequate (0) Adequate/Adequate (0) 0 a GRE 1 A+/Stable BMO Financial Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ Group 3 A+/Stable A+/Stable BOK Financial Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 1 a- None 0 A-/Stable BBB+/Stable Bread Financial Holdings Inc. bbb+ Moderate (-1) Adequate (0) Moderate (-1) Moderate/Adequate (-1) 0 bb+ None 0 BB-/Stable Cadence Bank bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable Capital One Financial Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable BBB/Stable Citigroup Inc. bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 a- ALAC 2 A+/Stable BBB+/Stable Citizens Financial Group Inc. bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 a- None 0 A-/Stable BBB+/Stable Columbia Banking System Inc. bbb+ Moderate (-1) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb None 0 BBB/Negative BBB-/Negative Comerica Inc. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable BBB/Stable Commerce Bancshares Inc. bbb+ Adequate (0) Strong (+1) Strong (+1) Strong/Adequate (0) 0 a None 0 A/Stable A-/Stable Cullen/Frost Bankers Inc. bbb+ Adequate (0) Strong (+1) Adequate (0) Strong/Strong (+1) 0 a None 0 A/Stable A-/Stable Discover Financial Services bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/Adequate (-1) 0 bbb None 0 BBB/Watch Pos BBB-/Watch Pos East West Bancorp Inc. bbb+ Moderate (-1) Strong (+1) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable BBB/Stable F.N.B. …
European CMBS Monitor Q1 2024
Apr 29, 2024 -… N 1 Mixed use Finland Starz Mortgage Securities 2021-1 DAC Node 10,255,197 16.78% Oct. 15, 2024§ N* 69.92% 6.4% Situs Asset Management Limited N 1 Residential/social housing Ireland Frost CMBS 2021-1 DAC New Cold 188,162,974 100.00% Nov. 15, 2024 Y 64.00% 10.0% Mount Street Mortgage Servicing Ltd. ...The scarcity of residential supply may help with the refinancing. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. …
European CMBS Can Ride The Refinance Wave
Apr 11, 2024 -… We believe the loan is in a very good position to refinance. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. ...The collateral is a multifamily property in Dublin, which is a notoriously competitive market, given the scarcity of residential supply, which may help with the refinancing. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. ...CMBS Rating Lowered; Other Ratings Affirmed , Oct. 5, 2023 Frost CMBS 2021-1 DAC EUR And GBP Notes Affirmed , July 13, 2023 Bruegel 2021 DAC Dutch CMBS Ratings Affirmed , June 29, 2023 DECO 2019-RAM DAC Class A And B U.K. …
Some U.S. Regional Banks Could Face Higher Risk If Commercial Real Estate Asset Quality Worsens
Mar 26, 2024 -… N.A. bbb+ Negative 208 26 27 3 2 19 44 UMB Financial Corp. a- Stable 183 27 27 4 0 10 45 M&T Bank Corp. a- Negative 174 25 25 4 9 66 34 BOK Financial Corp. a- Stable 158 31 19 4 1 10 38 Cullen/Frost Bankers Inc. a Stable 156 35 23 5 1 13 53 Hancock Whitney Corp. bbb+ Stable 154 23 21 3 0 8 34 Popular Inc. bbb- Stable 139 24 10 2 1 23 24 Citizens Financial Group Inc. a- Stable 137 19 29 4 5 41 29 Comerica Inc. bbb+ Stable 132 22 6 1 1 27 41 Texas Capital Bancshares Inc. bbb Stable 121 22 12 2 1 20 43 First BanCorp bb+ Stable 114 19 NA NA 3 14 27 Santander Holdings U.S.A Inc. bbb- Stable 110 19 11 2 3 22 35 Commerce Bancshares Inc. a Stable 102 22 13 3 4 10 43 First Citizens BancShares Inc. bbb+ Negative 92 15 30 5 5 33 37 CRE is defined as non-owner-occupied, multifamily, and construction loans and is sourced from regulatory filings. …
European CMBS Monitor Q4 2023
Jan 29, 2024 -… N 61 Logistics Various Frost CMBS 2021-1 DAC New Cold 189,076,625 100 Nov. 15, 2024 Y 64.3 9.7 Mount Street Mortgage Servicing Ltd. ...We were notified in January 2024 that the sponsor is in the advanced stages of arranging a potential refinancing transaction which is expected to result in the full prepayment of the senior loan. Frost CMBS 2021-1 DAC The loan is set to mature in December 2024 and has two one-year extension options exercisable. …
European CMBS Break Through The Refinance Wall
Jun 4, 2025 -… July 31, 2025 142.50 37.74 Retail 9.72 220.00 40.60 17.2 Not reported Low Frost CMBS 2021-1 DAC New Cold U.K. Nov. 15, 2025 112.35 108.4 Logistics 19.00 185.69$ 61.3† 60.9† 8.9 Low Highways 2021 PLC Secured Loan U.K. ...We believe the loan is in a very good position to refinance. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. ...The remaining five loans--Berg Finance 2021 DAC (Sirocco loan), Bruegel 2021 DAC (senior loan), Taurus 2019-4 FIN DAC (single loan), Frost CMBS 2021-1 DAC (single loan), and Taurus 2021-3 DEU DAC--were initially scheduled to mature during 2023-2024 but all these loan maturity dates were extended to 2025. …
European CMBS Monitor Q1 2025
Apr 30, 2025 -… N 1 Mixed use Finland Frost CMBS 2021-1 DAC New Cold 184,306,894 100 Nov. 17, 2025 Y 0.61 0.09 Mount Street Mortgage Servicing Ltd. ...Overall, we believe this loan's refinancing prospects have turned less promising, given the relatively high leverage post the release of the trapped cash. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. …
European CMBS Monitor Q3 2024
Oct 24, 2024 -… No. of properties Asset type Jurisdiction Frost CMBS 2021-1 DAC New Cold 184,889,250 100 Nov. 15, 2024 Y 63.51 9.66 Mount Street Mortgage Servicing Ltd. ...§New final loan maturity date. LTV--Loan-to-value. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. …
Insurance Industry And Country Risk Assessment: Norway Property/Casualty
Sep 18, 2024 -… While storms and floods are covered by the Norwegian Natural Perils Pool and individual reinsurance, weather-related claims outside this scheme have increased, impacting the insurers directly, such as water damage from frost and excess snow resulting in a higher frequency of motor-related accidents. …
Tighter Liquidity Regulations Could Help Fortify The U.S. Banking Sector, Where Liquidity Risks Still Linger
Jul 11, 2024 -… BOK Financial Corp. 3 32 37 (5) 195 Cadence Bank 6 23 26 (11) 173 Capital One Financial Corp. 11 27 18 (11) 299 Citigroup Inc. 11 31 73 (5) 129 Citizens Financial Group Inc. 6 23 30 (7) 159 Columbia Banking System Inc. 4 21 32 (6) 146 Comerica Inc. 7 27 42 (15) 168 Commerce Bancshares Inc. 6 36 39 (12) 114 Cullen/Frost Bankers Inc. 17 54 52 (9) 122 Discover Financial Services 9 18 6 (1) 1,031 East West Bancorp Inc. 6 21 40 (10) 128 F.N.B. …
Rating Component Scores For U.S., Canadian, And Bermudian Banks (June 2024)
Jun 28, 2024 -… Group SACP Type of external support No. of notches of support Operating company long-term ICR/outlook Bank holding company rating/outlook Ally Financial Inc. bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/Adequate (-1) 0 bbb None 0 BBB-/Stable American Express Co. bbb+ Strong (+1) Adequate (0) Strong (+1) Moderate/Adequate (-1) 0 a- None 0 A-/Positive BBB+/Positive Associated Banc Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/Adequate (-1) 0 bbb None 0 BBB/Stable BBB-/Stable Bank of America Corp. bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/Adequate (0) 0 a ALAC 1 A+/Stable A-/Stable Bank of New York Mellon Corp. bbb+ Very strong (+2) Adequate (0) Strong (+1) Adequate/Strong (0) 0 a+ ALAC 1 AA-/Stable A/Stable Bank of North Dakota bbb+ Adequate (0) Very strong (+2) Adequate (0) Adequate/Adequate (0) 0 a GRE 1 A+/Stable BMO Financial Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ Group 3 A+/Stable A+/Stable BOK Financial Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 1 a- None 0 A-/Stable BBB+/Stable Bread Financial Holdings Inc. bbb+ Moderate (-1) Adequate (0) Moderate (-1) Moderate/Adequate (-1) 0 bb+ None 0 BB-/Stable Cadence Bank bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable Capital One Financial Corp. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable BBB/Stable Citigroup Inc. bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 a- ALAC 2 A+/Stable BBB+/Stable Citizens Financial Group Inc. bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 a- None 0 A-/Stable BBB+/Stable Columbia Banking System Inc. bbb+ Moderate (-1) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb None 0 BBB/Negative BBB-/Negative Comerica Inc. bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable BBB/Stable Commerce Bancshares Inc. bbb+ Adequate (0) Strong (+1) Strong (+1) Strong/Adequate (0) 0 a None 0 A/Stable A-/Stable Cullen/Frost Bankers Inc. bbb+ Adequate (0) Strong (+1) Adequate (0) Strong/Strong (+1) 0 a None 0 A/Stable A-/Stable Discover Financial Services bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/Adequate (-1) 0 bbb None 0 BBB/Watch Pos BBB-/Watch Pos East West Bancorp Inc. bbb+ Moderate (-1) Strong (+1) Adequate (0) Adequate/Adequate (0) 0 bbb+ None 0 BBB+/Stable BBB/Stable F.N.B. …
European CMBS Monitor Q1 2024
Apr 29, 2024 -… N 1 Mixed use Finland Starz Mortgage Securities 2021-1 DAC Node 10,255,197 16.78% Oct. 15, 2024§ N* 69.92% 6.4% Situs Asset Management Limited N 1 Residential/social housing Ireland Frost CMBS 2021-1 DAC New Cold 188,162,974 100.00% Nov. 15, 2024 Y 64.00% 10.0% Mount Street Mortgage Servicing Ltd. ...The scarcity of residential supply may help with the refinancing. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. …
European CMBS Can Ride The Refinance Wave
Apr 11, 2024 -… We believe the loan is in a very good position to refinance. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. ...The collateral is a multifamily property in Dublin, which is a notoriously competitive market, given the scarcity of residential supply, which may help with the refinancing. Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. ...CMBS Rating Lowered; Other Ratings Affirmed , Oct. 5, 2023 Frost CMBS 2021-1 DAC EUR And GBP Notes Affirmed , July 13, 2023 Bruegel 2021 DAC Dutch CMBS Ratings Affirmed , June 29, 2023 DECO 2019-RAM DAC Class A And B U.K. …
Some U.S. Regional Banks Could Face Higher Risk If Commercial Real Estate Asset Quality Worsens
Mar 26, 2024 -… N.A. bbb+ Negative 208 26 27 3 2 19 44 UMB Financial Corp. a- Stable 183 27 27 4 0 10 45 M&T Bank Corp. a- Negative 174 25 25 4 9 66 34 BOK Financial Corp. a- Stable 158 31 19 4 1 10 38 Cullen/Frost Bankers Inc. a Stable 156 35 23 5 1 13 53 Hancock Whitney Corp. bbb+ Stable 154 23 21 3 0 8 34 Popular Inc. bbb- Stable 139 24 10 2 1 23 24 Citizens Financial Group Inc. a- Stable 137 19 29 4 5 41 29 Comerica Inc. bbb+ Stable 132 22 6 1 1 27 41 Texas Capital Bancshares Inc. bbb Stable 121 22 12 2 1 20 43 First BanCorp bb+ Stable 114 19 NA NA 3 14 27 Santander Holdings U.S.A Inc. bbb- Stable 110 19 11 2 3 22 35 Commerce Bancshares Inc. a Stable 102 22 13 3 4 10 43 First Citizens BancShares Inc. bbb+ Negative 92 15 30 5 5 33 37 CRE is defined as non-owner-occupied, multifamily, and construction loans and is sourced from regulatory filings. …
European CMBS Monitor Q4 2023
Jan 29, 2024 -… N 61 Logistics Various Frost CMBS 2021-1 DAC New Cold 189,076,625 100 Nov. 15, 2024 Y 64.3 9.7 Mount Street Mortgage Servicing Ltd. ...We were notified in January 2024 that the sponsor is in the advanced stages of arranging a potential refinancing transaction which is expected to result in the full prepayment of the senior loan. Frost CMBS 2021-1 DAC The loan is set to mature in December 2024 and has two one-year extension options exercisable. …