RBS’s Isobel fuels CMBS comeback hope but wait goes on

Royal Bank of Scotland’s Isobel Finance No1 CMBS, the second in the European market in as many weeks, has lifted hopes that an investor base for the asset class is cautiously returning. But murmurings of disquiet about inadequate loan disclosure in the offering circular also showed there is still a long way to go before borrowers fully win back investor trust and can begin regularly securitising commercial loans.

  • 05 Oct 2012
The deal securitised a £463m loan used to finance RBS’s sale of £1.36bn of non-performing commercial real estate loans in December last year. The loan portfolio was sold to a special purpose vehicle, Isobel, which is 75% owned by RBS and 25% by private equity company Blackstone, though ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 12,796.80 35 13.50%
2 Wells Fargo Securities 8,855.62 27 9.34%
3 Bank of America Merrill Lynch 8,771.28 25 9.25%
4 JPMorgan 7,423.52 25 7.83%
5 RBC Capital Markets 4,569.28 13 4.82%