Florentia, Isobel ‘revs up’ market, but wait for more CMBS could be long

Appetite for European CMBS is likely to accelerate after last month’s placing of Florentia and Isobel transactions showed that spreads have tightened to a level that makes sense for lenders and investors. But long lead times for new deals means further issuance is unlikely until next year.

  • 04 Oct 2012
Following Deutsche Bank’s Florentia CMBS, arranged on behalf of German real estate company Vitus, and RBS’s Isobel Finance No1, the already thin pipeline of CMBS deals is empty. But market participants view the placing of €750m and £463m of bonds with investors as a sign of ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%