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IMB returns to CMBS market after four years, nets $208m

Australia’s IMB Building Society raised A$198.5m ($207.6m) this week, returning to the securitisation market for the first time in more than four years to pitch a commercial mortgage-backed deal.

  • 25 Aug 2011

Macquarie Bank arranged the transaction, alongside joint lead manager Westpac Banking Corp, and started pitching investors at around 10.30am (Sydney time) on Monday. The leads quickly got enough demand to close the top tranche of the transaction at 185bp over the one bank bill swap rate on Tuesday.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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1 Citi 33,499.81 106 11.84%
2 JPMorgan 26,026.16 75 9.20%
3 Wells Fargo Securities 25,325.15 70 8.95%
4 Bank of America Merrill Lynch 23,157.33 74 8.18%
5 Barclays 17,494.57 59 6.18%