CMBS Rallies On REMIC Changes, TRX Launch

The commercial mortgage-backed securities market rallied strongly last week on changes to real estate mortgage investment conduit rules that give borrowers and special servicers more latitude to make loan modifications to troubled loans as well as the launch of TRX, a total return swap index that investors and dealers can use for hedging.

  • 21 Sep 2009

--Samantha Rowan & Joy Wiltermuth

The commercial mortgage-backed securities market rallied strongly last week on changes to real estate mortgage investment conduit rules that give borrowers and special servicers more latitude to make loan modifications to troubled loans as well as the launch of TRX, a total return swap ...

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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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%