All information is as of June 30, 2021, unless stated otherwise. New issue transactions are those rated by S&P Global Ratings.
Four new issue transactions closed during the second quarter of 2021: Taurus 2021-3 DEU DAC, Last Mile Securities - PE2021 DAC, Berg Finance 2021 DAC, and Bruegel 2021 DAC.
|Closed Transactions - Q2 2021|
|Transaction name||Issuance amount (€)||Arranger||No. of loans||No. of properties||Sponsor||Property type||Jurisdiction|
|Taurus 2021-3 DEU DAC||473.0||Bank of America||2||2||AGC Equity Partners Investment Management Ltd.||Mixed||Germany|
|Last Mile Securities - PE 2021 DAC*||383.5||Morgan Stanley||1||49||Blackstone||Light Industrial||The Netherlands and Germany|
|Berg Finance 2021 DAC||295.3||Goldman Sachs||2||29||Fortress and Ares||Office||The Netherlands, Austria, France, Finland, and Germany|
|Bruegel 2021 DAC||218.6||Goldman Sachs||1||9||PPF Group||Office, hotel, and retail||The Netherlands|
|*Not rated by S&P Global Ratings.|
|New Issuance Q2 2021 - Pricing|
|Transaction name||Taurus 2021-3 DEU DAC||Last Mile Securities - PE 2021 DAC*||Berg Finance 2021 DAC||Bruegel 2021 DAC|
|Closing date||Apr. 1, 2021||Apr. 8, 2021||May. 25, 2021||Jun. 24, 2021|
|Weighted average note margin||234||179||192||110.8|
|Excess before senior expenses||-||-||151||119.2|
|EURIBOR--Euro Interbank Offered Rate. N/A--Not applicable. *Not rated by S&P Global Ratings.|
|List Of European CMBS Surveillance Ratings Actions|
The outstanding S&P Global Ratings-rated European CMBS balance slightly increased to €30.03 billion from €30.01 billion over the last quarter. The increase in the note balance is mainly due to the change in the net effect of currency rate movements.
|European CMBS: Key Statistics|
|Q2 2021||Q1 2021||Q2 2020|
|Collateral balance (bil. €)||16.2||16.1||18.6|
|Number of loans outstanding||14||15||22|
|Number of transactions outstanding||13||14||19|
|Proportion of loans in special servicing (%)||0.0||0.0||22.7|
|Collateral balance (bil. €)||13.8||13.9||14.0|
|Number of loans outstanding||37||35||37|
|Number of transactions outstanding||32||31||31|
|Proportion of loans in special servicing (%)||8.1||8.6||8.1|
|Collateral balance (bil. €)||30.0||30.0||32.7|
|Number of loans outstanding||51||50||59|
|Number of transactions outstanding||45||45||50|
|Proportion of loans in special servicing (%)||5.9||6.0||13.6|
|Transaction||Loan||Jurisdiction||Asset type||Loan maturity date||Note final maturity date||Comment|
|Kantoor Finance 2018 DAC||PPF Loan||The Netherlands||Mixed use||May 22, 2023||May 22, 2023||The PPF loan repaid in full on May 17, 2021|
|Libra (European Loan Conduit No. 31) DAC||Senior Loan||Various||Mixed use||Jan. 20, 2022||Oct. 26, 2028||The Senior loan repaid in full on April 8, 2021|
|DECO 2015-HARP Ltd.||The Boland loan||Ireland||Office||April 20, 2022||April 27, 2027||The Boland loan repaid in full on Feb. 21, 2020|
|Deutsche Pfandbriefbank AG Estate UK-3 - ESTATE UK-3||1021201398||U.K.||Retail||July 23, 2015||March 20, 2022||The Notes have been repaid on March 20, 2020|
|List Of Next 12 Months' Maturing Loans|
|Deal name||Loan name||Loan balance (€)||% of portfolio||Loan maturity||Extendable?||LTV (%)||Servicer name||Specially serviced?||No. of properties||Asset type||Jurisdiction|
|Kanaal CMBS Finance 2019 DAC||Big 6 (Tranche A, Tranche B)||124,455,521||49.00||Aug. 15, 2021||Y||60.02||CBRE Loan Services Ltd.||N||6||Retail||The Netherlands|
|Oranje (European Loan Conduit No. 32) DAC||Phoenix Loan||92,844,450||60.45||Aug. 15, 2021||Y||47.61||Mount Street Mortgage Servicing Ltd.||N||15||Office||The Netherlands|
|Taurus 2019-4 FIN DAC||Senior Loan||204,276,935||100.00||Aug. 16, 2021||Y||68.92||CBRE Loan Services Ltd.||N||3||Mixed use||Finland|
|Scorpio (European Loan Conduit No.34) DAC||Project Scorpio||332,534,457||100.00||Nov. 17, 2021||Y||65.14||Mount Street Mortgage Servicing Ltd.||N||110||Office||U.K.|
|Magenta 2020 PLC||Senior Loan||313,259,035||100.00||Dec. 31, 2021||Y||72.19||CBRE Loan Services Ltd.||N||17||Mixed use||U.K.|
|Salus (European Loan Conduit No. 33) DAC||Senior Loan||427,145,250||100.00||Jan. 23, 2022||Y||57.9||Mount Street Mortgage Servicing Ltd.||N||1||Office||U.K.|
|EOS (European Loan Conduit No. 35) DAC||Senior Loan||177,794,542||100.00||April 20, 2022||Y||48.4||Mount Street Mortgage Servicing Ltd.||N||112||Mixed use||The Netherlands|
|Taurus 2018-2 UK DAC||Securitised Acquisition Facility Loan||150,016,262||100.00||May 20, 2022||Y||21.5||Mount Street Mortgage Servicing Ltd.||N||1||Office||U.K.|
|*Loan maturity may be extended if certain conditions are met. LTV--Loan to value.|
Specially Serviced Loans
The number of loans in special servicing remains as three, with no changes occurring since the previous quarter.
The loans in special servicing comprise of hotel (62%) and retail (38%) assets.
|Specially Serviced Loans|
|Special Servicing Index|
|Transaction||Loan||Loan origination date||Date added||Jurisdiction||Asset type||Special servicer|
|Debussy DTC PLC||Toys R Us UK Properties||March 28, 2013||Feb. 22, 2018||U.K.||Retail||CBRE Loan Services Ltd.|
|Elizabeth Finance 2018 DAC||Maroon loan||Nov. 29, 2017||April 20, 2021||U.K.||Retail||Mount Street Mortgage Servicing Ltd.|
|Helios (European Loan Conduit No. 37) DAC||Project Atlas||Dec. 12, 2019||Nov. 23, 2020||U.K.||Hotel||Mount Street Mortgage Servicing Ltd.|
|List Of European CMBS Publications|
|Presale: Viridis (European Loan Conduit No. 38) DAC||June 28, 2021||Presale Report|
|Presale: Agora Securities UK 2021 DAC||June 16, 2021||Presale Report|
|Presale: Bruegel 2021 DAC||June 3, 2021||Presale Report|
|Presale: Berg Finance 2021 DAC||April 27, 2021||Presale Report|
|Servicer Evaluation: Trimont Real Estate Advisors UK Ltd.||June 30, 2021||Full Analysis|
The figure for the total number of loans in European CMBS transactions that we rate excludes the loans in small-loan transactions, nonperforming loan (NPL) transactions, and commercial real estate collateralized debt obligations (CRE CDOs).
Loans that were originated from the year 2009 onward are classified as 2.0 loans. All other loans originated before this period are defined as 1.0 loans.
This report does not constitute a rating action.
|Primary Credit Analyst:||Carla N Powell, London + 44 20 7176 3982;|
|Secondary Contact:||Mathias Herzog, Frankfurt + 49 693 399 9112;|
|Research Contributor:||Shweta Sawant, CRISIL Global Analytical Center, an S&P affiliate, Mumbai|
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: firstname.lastname@example.org.