Northern Rock is aiming to launch a commercial mortgage-backed securitization this quarter, say London-based bankers. The deal, said to be roughly £300 million, will continue the bank's Dolerite CMBS program. It could not be learned if lead managers have been mandated. Calls to Chris Storey on Northern Rock's securitization desk were not returned by press time.
Last year, the Newcastle-upon-Tyne-based lender issued Dolerite Funding 1, a £765 million CMBS. That deal was lead managed by Citigroup. Investors note that the European CMBS pipeline is quite full at the moment and question whether all the deals will be completed. At least four CMBS deals were being marketed as of last Thursday.
