Westdeutsche ImmobilienBank, based in Mainz, is planning to launch its first residential mortgage-backed securitization in the first half this year. Martin Weber, senior v.p., says the firm will pursue a E1 billion synthetic deal through the Provide platform sponsored by Kreditanstalt fur Wiesbaden, a state-owned German bank. The Provide program was started by KfW to simplify the securitization process for German banks. The bank is organizing a RMBS for regulatory capital relief purposes, says Weber.
Last year, Westdeutsche ImmobilienBank brought a E237.30 million commercial mortgage-backed securitization to market, but Weber says it is unlikely another will be structured this year. He expects the firm's next CMBS deal to come in 2004. However, he notes the firm is looking at its international loan portfolio for securitization possibilities. Weber says plans to securitize its loan books are in a very early stage and are being formulated to permit the bank to raise funds.