Taurus shows CMBS exit works for toughest properties

By Owen Sanderson
26 Jun 2014

Bank of America Merrill Lynch priced Taurus UK CMBS 2014-1 on Wednesday, demonstrating through a book in which every tranche was more than three times covered that investors were willing to overlook the secondary quality of the portfolio in exchange for a chance to pick up some yield.

The deal could even demonstrate that bond investors have more of an appetite for these challenging properties than banks originating assets for their own balance sheets.

“This kind of portfolio is quite suitable for a capital markets exit,” said Matthias Baltes, head of CRE finance in ...

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