Commercial mortgage-backed securities are one of the sectors where issuance is up across the board. Some countries that did not see any issuance in 2008 here came to market this year, and others that had little issuance last year did more. Germany has rocketed ahead of last year's figures at ?9.49 billion ($13.21 billion) from a mere ?77.85 million ($108.44 million) last year. In the U.K., CMBS issuance has risen to ?4.29 billion ($5.97 billion) so far this year from ?284.39 million ($396.06 million) the year before. And France has ?559.15 million ($778.86 million) of issuance and Italy has ?663.30 million ($923.86 million); both countries had not seen any issuance in this sector as of this time last year. "We're getting to the point now where if you've securitized everything else, then you can securitize commercial loans," Davies said. He noted that the banks' largest holdings are in RMBS, and surmised that repurchase agreement schemes may be relatively more stringent on CMBS because of the smaller number of underlying assets, unlike the more granular RMBS.
Promoted By CGIF
Promoted By Commerzbank
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Most Viewed: Securitization
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