German multi-family provides hope for grim CMBS year ahead

The German multi-family sector tops the list for potential CMBS candidates next year, market participants say. But Moody’s reckons that any deals will be exceptions amid a year of heavy expected losses.

  • 18 Dec 2012
German Residential Asset Note Distributor (GRAND), Europe’s largest outstanding CMBS at around €4.4bn, is a candidate for a new securitisation, some market participants say. The multi-family underlying properties – which typically benefit from very steady cashflows – and the sheer size of the refinancing, make it a likely ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

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1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%