BAML CMBS rekindles old payment debate

The year’s first European new issue CMBS, Bank of America Merrill Lynch’s Taurus 2013, has reignited discussions about how banks originating and securitising deals should pay themselves.

  • 03 May 2013

Some bankers were frustrated by the inclusion of a detachable coupon in Taurus, claiming junior noteholders could suffer if there were shortfalls. But other CMBS specialists recognised that loan originators needed an incentive to bring deals to market.

Taurus 2013 CMBS securitises a loan originated in February for ...

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Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

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3 Wells Fargo Securities 1,187.61 3 8.15%
4 Rabobank 1,081.86 1 7.42%
5 Bank of America Merrill Lynch 831.08 4 5.70%