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European CMBS Monitor Q2 2022

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European CMBS Monitor Q1 2025


European CMBS Monitor Q2 2022

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All information is as of June 30, 2022, unless stated otherwise.

New Issuance

Two new issue transactions closed during the second quarter of 2022. These transactions were not rated by S&P Global Ratings.

Table 1

Closed Transactions - Q2 2022
Transaction name Issuance amount (Mil. €) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction
Cassia 2022-1 S.R.L.* 273.6 Bank of America, Goldman Sachs 2 42 Blackstone Logistics Italy
Vita Scientia 2022-1 DAC* 185.3 Goldman Sachs 1 8 TPG Real Estate Office Germany, The Netherlands
*Denotes a non-S&P Global Ratings rated transaction.

Table 2

Notable Features
Transaction name Notable features
Cassia 2022-1 S.R.L.* N/A
Vita Scientia 2022-1 DAC* N/A
*Denotes a non-S&P Global Ratings rated transaction.

Table 3

New Issuance Q2 2022 - Pricing
Transaction name Cassia 2022-1 S.R.L.* Vita Scientia 2022-1 DAC*
Closing date April 8, 2022 April 27, 2022
Deal size 273.6 185.3
Index EURIBOR EURIBOR
AAA N/A 130.0
AA 250.0 180.0
A N/A 205.0
BBB 350.0 249.0
BB 500.0 N/A
B N/A N/A
Weighted average note margin 315.0 169.0
Loan margin N/A 179.0
Excess before senior expenses N/A 10.0
*Denotes a non-S&P Global Ratings rated transaction.

Chart 1

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Surveillance

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.

Table 4

List Of European CMBS Surveillance Ratings Actions
Article Publication date
N/A N/A

The outstanding S&P Global Ratings-rated European CMBS balance slightly increased to €30.6 billion from €30.5 billion over the last quarter. The marginal increase in the note balance is due to the repayment and reissuance of two loan tranches in the Telereal Securitisation PLC transaction at a higher amount this quarter and the change in the net effect of currency rate movements.

Table 5

European CMBS: Key Statistics
Q2 2022 Q1 2022 Q2 2021
1.0 loans
Collateral balance (Bil. €) 16.8* 16.2 16.2
Number of loans outstanding 14.0 14.0 14.0
Number of transactions outstanding 13.0 13.0 13.0
Number of loans in special servicing 0.0 0.0 0.0
Proportion of loans in special servicing (%) 0.0 0.0 0.0
2.0 loans
Collateral balance (Bil. €) 13.8 14.2 13.8
Number of loans outstanding 43.0 46.0 37.0
Number of transactions outstanding 35.0 35.0 32.0
Number of loans in special servicing 1.0 2.0 3.0
Proportion of loans in special servicing (%) 2.3 4.3 8.1
Total
Collateral balance (Bil. €) 30.6 30.5 30.0
Number of loans outstanding 57.0 60.0 51.0
Number of transactions outstanding 48.0 48.0 45.0
Number of loans in special servicing 1.0 2.0 3.0
Proportion of loans in special servicing (%) 1.8 3.3 5.9
*The A3 and A4 loan tranche for Telereal Securitisation PLC was increased to €378.7 million each.

Chart 2

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Chart 3

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Table 6

Loans Repaid
Transaction Loan Jurisdiction Asset type Loan maturity date Note final maturity date Comment
Starz Mortgage Securities 2021-1 DAC Maxim Loan UK Office July 20, 2024 Nov. 22, 2038 The Maxim loan repaid in full on Jan. 21, 2022
Starz Mortgage Securities 2021-1 DAC Bakker Loan The Netherlands Logistics Oct. 20, 2024 Nov. 22, 2038 The Bakker loan repaid in full on May 3, 2022

Table 7

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) 119,960,121 79.38 Aug. 15, 2022 Y 59.32 CBRE Loan Services Ltd. N 6 Retail The Netherlands
Oranje (European Loan Conduit No. 32) DAC Phoenix Loan 81,148,540 100.00 Aug. 15, 2022 Y 45.29 Mount Street Mortgage Servicing Ltd. N 13 Office The Netherlands
Taurus 2019-4 FIN DAC Senior Loan 178,734,935 100.00 Aug. 16, 2022 Y 59.94 CBRE Loan Services Ltd. N 2 Mixed use Finland
Pearl Finance 2020 DAC Senior Loan 335,370,000 100.00 Nov. 15, 2022 Y 46.7 CBRE Loan Services Ltd. N 60 Logistics Various
Scorpio (European Loan Conduit No.34) DAC Project Scorpio 325,071,193 100.00 Nov. 15, 2022 Y 64.79 Mount Street Mortgage Servicing Ltd. N 107 Office U.K.
Salus (European Loan Conduit No. 33) DAC Senior Loan 428,247,750 100.00 Jan. 20, 2023 Y 49.66 Mount Street Mortgage Servicing Ltd. N 1 Office U.K.
Kanaal CMBS Finance 2019 DAC Maxima 31,170,707 20.62 Feb. 15, 2023 N 43.62 CBRE Loan Services Ltd. N 7 Mixed Use The Netherlands
Ribbon Finance 2018 PLC Senior Loan 317,615,388 100.00 April 13, 2023 N 53.22 CBRE Loan Services Ltd. N 18 Hotel U.K.
EOS (European Loan Conduit No. 35) DAC Senior Loan 141,231,561 100.00 April 20, 2023 Y 44.52 Mount Street Mortgage Servicing Ltd. N 101 Mixed use The Netherlands
Berg Finance 2021 DAC Big Mountain Loan 6,629,782 6.82 April 30, 2023 Y 9.91 Mount Street Mortgage Servicing Ltd. N 8 Mixed use Various
Taurus 2021-5 UK DAC Senior Loan 306,657,895 100.00 May 15, 2023 Y 59.89 CBRE Loan Services Ltd. N 43 Student accommodation U.K.
Taurus 2018-2 UK DAC Project Campus 146,077,724 100.00 May 20, 2023 N* 22.07 Mount Street Mortgage Servicing Ltd. N 1 Office U.K.
Taurus 2019-3 UK DAC Project Roost 482,911,443 100.00 June 20, 2023 Y 55.55 Mount Street Mortgage Servicing Ltd. N 21 Student accommodation U.K.
Agora Securities UK 2021 DAC Vulcan 246,460,950 100.00 July 20, 2023 Y 50.54 Mount Street Mortgage Servicing Ltd. N 9 Retail U.K.
*All loan extension options have been exercised.

Specially Serviced Loans

The number of loans in special servicing decreased to one in this quarter as the 'Project Atlas' loan in the Helios (European Loan Conduit No. 37) DAC transaction was transferred back to primary servicing as it became a corrected loan. The loan remaining in special servicing comprises 100% of retail assets.

Table 8

Special Servicing Index
Transaction Loan Loan origination date Date added Jurisdiction Asset type Special servicer
Elizabeth Finance 2018 DAC Maroon loan Nov. 29, 2017 April 15, 2020 UK Retail Mount Street Mortgage Servicing Ltd.

Table 9

Changes To Specially Serviced Index
Transaction Loan Jurisdiction Asset type Comment
Additions
N/A N/A N/A N/A N/A
Cures/resolved
Helios (European Loan Conduit No. 37) DAC Project Atlas UK Hotel The loan became a corrected loan on May 3, 2022
Unresolved
N/A N/A N/A N/A N/A
N/A--Not applicable.

Chart 4

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Chart 5

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Appendix

Table 10

This report does not constitute a rating action.

Primary Credit Analyst:Carla N Powell, London + 44 20 7176 3982;
carla.powell@spglobal.com
Secondary Contact:Mathias Herzog, Frankfurt + 49 693 399 9112;
mathias.herzog@spglobal.com
Research Contributor:Nikita Kadtan, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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