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European CMBS Monitor Q3 2021


Weekly European CLO Update


SF Credit Brief: U.S. CMBS Delinquency Rate Declined To 3.6% In November


SF Credit Brief: U.S. Structured Finance Issuance Of $97 Billion In November Marks Second Consecutive Monthly Record


A Sudden Correction To Fast-Rising U.S. Home Prices Isn't Likely

European CMBS Monitor Q3 2021


All information is as of Sept. 30, 2021, unless stated otherwise. New issue transactions are those rated by S&P Global Ratings.

New Issuance

Six new issue transactions closed during the third quarter of 2021: Agora Securities UK 2021 DAC (It is the first retail transaction since the COVID-19 pandemic commenced), Viridis (European Loan Conduit No. 38) DAC, Last Mile Logistics Pan Euro Finance DAC, Taurus 2021-4 UK DAC, Haus (European Loan Conduit No. 39) DAC, and Atom Mortgage Securities DAC, of which we rated two.

Table 1

Closed Transactions - Q3 2021
Transaction name Issuance amount (€) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction
Agora Securities UK 2021 DAC 211.5 Morgan Stanley and Bank of America 1 9 Brookfield Retail U.K.
Viridis (European Loan Conduit No. 38) DAC 150.0 Morgan Stanley 1 1 Brookfield Office U.K.
Last Mile Logistics Pan Euro Finance DAC* 496.5 Goldman Sachs and Barclays 1 113 Blackstone Light Industrial Germany, The Netherlands, France, Spain, Finland, Denmark, and Ireland
Taurus 2021-4 UK DAC* 848.4 Bank of America 2 2 Blackstone Industrial U.K.
Haus (European Loan Conduit No. 39) DAC* 315.4 Morgan Stanley 1 59 Brookfield Multifamily Germany
Atom Mortgage Securities DAC* 382.9 Bank of America, Morgan Stanley and Standard Chartered 1 6 Brookfield Office U.K.
*Denotes a non-S&P rated transaction.

Table 2

New Issuance Q3 2021 - Pricing
Transaction name Agora Securities UK 2021 DAC Viridis (European Loan Conduit No. 38) DAC Last Mile Logistics Pan Euro Finance DAC* Taurus 2021-4 UK DAC* Haus (European Loan Conduit No. 39) DAC* Atom Mortgage Securities DAC*
Closing date July 9, 2021 July 20, 2021 July 16, 2021 July 28, 2021 August 23, 2021 Sept. 30, 2021
Deal size 211 150 497 157 315 403
AAA 120 120 75 95 67 80
AA 155 160 105 150 110 110
A 190 190 140 175 140 135
BBB 280 280 190 210 200 190
BB N/A 385 270 310 N/A 280
B N/A N/A 365 375 N/A N/A
Weighted average note margin 143 173 140 157 144 133
Loan margin 300 285 N/A 170 N/A N/A
Excess before senior expenses 157 112 N/A 13 N/A N/A
EURIBOR--Euro Interbank Offered Rate. N/A--Not applicable. *Not rated by S&P Global Ratings.

Chart 1


Chart 2


Chart 3



Table 3

List Of European CMBS Surveillance Ratings Actions
Article Publication date
Taurus 2018-2 UK DAC Class A And B CMBS Notes Ratings Raised Aug. 11, 2021
SGS Finance PLC CMBS Notes Ratings Withdrawn; Principal-Only Ratings Assigned Sept. 30, 2021
Helios Finance DAC Class E U.K. CMBS Rating Lowered Following Nonpayment Of Interest Sept. 30, 2021

The outstanding S&P Global Ratings-rated European CMBS balance slightly decreased to €29.64 billion from €30.03 billion over the last quarter. The decrease in the note balance is due to two loans repaying this quarter and the change in the net effect of currency rate movements.

Table 4

European CMBS: Key Statistics
Q3 2021 Q2 2021 Q3 2020
1.0 loans
Collateral balance (bil. €) 15.8 16.2 18.3
Number of loans outstanding 14 14 21
Number of transactions outstanding 13 13 19
Proportion of loans in special servicing (%) 0.0 0.0 21.1
2.0 loans
Collateral balance (bil. €) 13.9 13.8 13.2
Number of loans outstanding 36 37 37
Number of transactions outstanding 32 32 31
Proportion of loans in special servicing (%) 8.3 8.1 8.1
Collateral balance (bil. €) 29.6 30.0 31.5
Number of loans outstanding 50 51 58
Number of transactions outstanding 45 45 50
Proportion of loans in special servicing (%) 6.0 5.9 12.1

Table 5

Loans Repaid
Transaction Loan Jurisdiction Asset type Loan maturity date Note final maturity date Comment
Kantoor Finance 2018 DAC Iron Loan The Netherlands Mixed Use Nov 15. 2022 May 22. 2028 The Iron loan repaid in full in Sep. 2021
Cold Finance PLC Cold Finance PLC UK Mixed Use Jul. 08, 2022 Aug. 20, 2029 The Cold Finance PLC loan repaid in full in Aug. 2021

Table 6

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
Taurus 2019-4 FIN DAC Senior Loan 204,276,935 100.00 Aug. 16, 2021 Y 0.6892 CBRE Loan Services Limited N 3 Mixed Use Finland
Scorpio (European Loan Conduit No.34) DAC Project Scorpio 333,821,908 100.00 Nov. 17, 2021 Y 0.6514 Mount Street Mortgage Servicing Ltd. N 110 Office U.K.
Magenta 2020 PLC Senior Loan 312,868,973 100.00 Dec. 31, 2021 Y 0.7219 CBRE Loan Services Limited N 17 Mixed Use U.K.
Salus (European Loan Conduit No. 33) DAC Senior Loan 428,799,000 100.00 Jan. 23, 2022 Y 0.579 Mount Street Mortgage Servicing Ltd. N 1 Office U.K.
EOS (European Loan Conduit No. 35) DAC Senior Loan 159,212,750 100.00 Apr. 20, 2022 Y 0.484 Mount Street Mortgage Servicing Limited N 112 Mixed Use The Netherlands
Taurus 2018-2 UK DAC Securitised Acquisition Facility Loan 146,265,759 100.00 May 20. 2022 Y 0.215 Mount Street Mortgage Servicing Ltd. N 1 Office U.K.
Oranje (European Loan Conduit No. 32) DAC Phoenix Loan 92,844,450 60.45 Aug. 15, 2022 Y 0.4761 Mount Street Mortgage Servicing Limited N 15 Office The Netherlands
Kanaal CMBS Finance 2019 DAC Big 6 (Tranche A, Tranche B) 123,414,096 49.00 Aug. 12, 2022 Y 0.6002 CBRE Loan Services Limited N 6 Retail The Netherlands
*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 fourth quarter of 2020.

Of the loans in special servicing these comprise of hotel (70.1%) and retail (29.9%) assets.

Table 7

Specially Serviced Loans
Transaction Loan Jurisdiction Asset type Comment
Debussy DTC PLC Toys R Us UK Properties U.K. Retail The loan was transferred into special Servicing on Feb. 23, 2018.
Elizabeth Finance 2018 DAC Maroon loan U.K. Retail The loan was transferred into special Servicing on Apr. 15, 2020.
Helios (European Loan Conduit No. 37) DAC Project Atlas U.K. Hotel The loan was transferred into special Servicing on Nov. 23, 2020.
N/A--Not applicable.

Chart 4


Chart 5



Table 8

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.

Table 9

List Of European CMBS Publications
Article Publication date Type
N/A--Not applicable
Data notes

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

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