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CRE Finance World, Autumn 2013

Forum Spotlight: Investment Grade Bondholders Sub-Forum Responsive Customized Solutions Independent Complex Deals A publication of Autumn issue 2013 sponsored by CRE Finance World Autumn 2013 57 ver the course of the past year, the Investment Grade Bondholders Sub-Forum partnered with CRE Finance Council to oversee the creation and adoption of a set of transparency reporting templates used by special servicers to document the actions and results of modifying or liquidating delinquent loans. These templates provide an amount of transparency heretofore unavailable with regard to special servicing practices. The data and information revealed in them has found a welcome reception among investors and research analysts alike. In addition, these templates are useful and easy to find on thirdparty websites. In the second half of 2013, the sub-forum has focused on providing feedback to the Dodd-Frank Risk Retention Re-Proposal released in September 2013. The broad measures in the re-proposal were generally well-received. However, members of the sub-forum look forward to suggesting improvements to the several subject areas within the re-proposed regulations including the proposed features of the B-buyer, the role of the Operating Advisor, change of control thresholds and the impact of risk retention on single asset/single borrower transactions. Over the remainder of 2013, the sub-forum aims to complete a suggested “Best Practice” term sheet for conduit transactions. The goal of which is to identify elements of an idealized term sheet that issuers can draw from. The sub-forum will highlight certain term sheet features that are most popular while suggesting improvements that will strive to maximize the utility of this important marketing document. It is imperative that investors unite and ask for this necessary enhancement. Better information that provides increased transparency will be critically important to an enduring recovery of the CMBS market. The Investment Grade Bondholders Sub-Forum contains more than 100 members from firms across the investment management community. Investment grade bondholders represent over 90% of the capital structure of a typical conduit transaction. The forum hosts semi-annual roundtable meetings at the CREFC conferences as well as semi-annual After-Work Seminars. The sub-forum seeks to change detrimental market practices and encourage beneficial market practices that promote the long term health and vibrancy of the CRE capital markets from the perspective of investment grade investors. O Adam Hayden New York Life Real Estate Investors Sub-Forum Chair What our clients are saying: Professional Deep Experience Customer Service Distressed Deals Fast Smart Asset Management . Servicing . Customized Solutions TRIMONTREA .COM


CRE Finance World, Autumn 2013
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