Eurohypo, a European real estate bank, is readying its first cash securitization of U.K. real estate loans. The £500 million deal will be the first from Eurohypo's new securitization program tentatively slated to be called Opera, says Caroline Philips, managing director and head of securitization in London. Philips says Citigroup and Royal Bank of Scotland have been tapped to lead-manage the deal, which should come to market next quarter.
Opera will be the first in a series similar to Morgan Stanley's ELOC program. Philips says that once the securitization program takes off, she may look to add a few bankers on the execution side of the business to be responsible for managing the securitization process. Eurohypo is owned by Commerzbank, Deutsche Bank and Dresdner Bank.