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 Total Volume $m No. of Deals Share % by Volume
1 Citi 4,296 9 13.13
2 BNP Paribas 3,026 10 9.25
3 Bank of America Merrill Lynch (BAML) 2,411 8 7.37
4 Lloyds Bank 2,213 9 6.76
5 Credit Agricole 2,025 6 6.19

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1 Citi 37,494.89 105 12.02%
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3 Wells Fargo Securities 26,900.77 74 8.62%
4 JPMorgan 23,547.25 70 7.55%
5 Credit Suisse 19,951.44 47 6.40%