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Italian Bank Preps Its First CMBS

13 Jul 2003

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Banca Nazionale del Lavoro (BNL) is putting together its first commercial mortgage-backed securitization, according to London-based bankers. The deal, thought to be in the E1 billion range, has been mandated to Morgan Stanley. A spokesman for BNL in Rome declined to comment on the deal, but said the bank is actively considering new assets to be securitized as well as to continue its existing securitization programs.

Arvind Bajaj, an executive director on Morgan Stanley's securitization team in London, declined to comment. Timing on the deal has not yet been determined. The deal is thought to be a sale and leaseback of BNL's own property, similar to a deal Lehman Brothers is doing forBanca Popolare di Lodi, according to one CMBS banker.

BNL has completed two securitization transactions this year, a E1.2 billion leasing deal called Vela Leasing and a E2.3 billion residential mortgage-backed securitization called Vela Home, Italy's largest RMBS transaction to date.

13 Jul 2003