Deal of The Year -- CMBS

  • 07 Sep 2007
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Opera Finance CMHEurohypo arranged the first commercial mortgage-backed security to be backed entirely by Irish collateral. The ?375 million ($511 million) deal, which was lead managed by Morgan Stanley, finances 16 properties for listed property investment company Real Estate Opportunities. Opera Finance CMH was also renowned for pricing tight as investors were keen on it from a diversification point of view.   German Residential Asset Note DistributorGerman Residential Asset Note Distributor was a giant ?5.4 billion ($7.3 billion) commercial mortgage securitization of German multi-family property backed by loans originated by Deutsche Annington Immobilien. Barclays Capital and Citigroup acted as lead managers alongside EuroHypo. The deal, with a portfolio containing 164,000 residential units and 1,037 million commercial square feet of property, had been eagerly anticipated as it comprises a sizeable bulk of total European CMBS issued in the year.   Windermere VIILehman Brothers' ?782 million ($1.06 billion) Windemere VII, the bank's first pan-European conduit CMBS, which notably priced at very tight levels, smashing inside guidance. One syndicate official said the deal benefited from shrewd timing on the part of the lead managers to price the deal after Easter, leaving it with a relatively quiet primary market and little competing CMBS supply. It was also highlighted the short tenure of underlying loans, which allowed Lehman to craft a fast pay/slow pay structure at the triple-A level, while keeping a relatively short average life for the slow pay note of 4.49 years. The portfolio contained 13 loans secured on 92 properties in Germany, Sweden, France and Spain. The deal closed in April 2006.   Eddystone Finance/Longstone Finance

British supermarket group Sainsbury's Eddystone Finance and Longstone Finance innovative CMBS transactions utilized an operation company/ property company structure where on the closing date, March 2006, the borrower acquired from J Sainsbury and other companies of the Sainsbury's group the properties and used rental payments to meet the payment obligations under the loans. The transactions totalled a sizeable £2.6 billion ($5.2 billion) of securities backed by commercial mortgage loans on 127 supermarket properties in the U.K. Arrangers on the deal were Morgan Stanley and UBS Investment Bank.

  • 07 Sep 2007

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 Wells Fargo Securities 67,591.81 167 11.54%
2 Bank of America Merrill Lynch 57,568.62 162 9.83%
3 JPMorgan 55,390.36 159 9.46%
4 Citi 55,051.46 160 9.40%
5 Credit Suisse 43,756.73 120 7.47%