ALE Property brews CMBS refinancing

ALE Property, an Australian pub owner, is planning to sell the country's first commercial mortgage-backed securitisation of the year, and approached investors this week with a A$160m ($168.7m) deal. But the scarcity of CMBS issues means demand for the asset is unknown — and funding officials could ditch the plan if they do not find demand.

  • 11 Apr 2011
ALE wants to refinance three tranches of a 2006 securitisation of pub mortgages that are due to mature in May. Bankers are approaching both new and existing investors with a A$146m AB note and a A$14m B note. But the issuer will drop the plan if it cannot ...

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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

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1 Citi 81,261.11 236 11.59%
2 Bank of America Merrill Lynch 66,338.04 186 9.46%
3 Wells Fargo Securities 56,344.19 164 8.03%
4 JPMorgan 53,381.65 156 7.61%
5 Credit Suisse 44,872.46 115 6.40%