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CMBS

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  • Hypo Real Estate Bank (HRE) has issued a Eu332.6m synthetic CMBS. The bank says that Estate Germany 2007-I has been structured and launched and that they have already placed some of the notes in private placements.
  • Hypo Real Estate Bank has issued the first European commercial mortgage-backed securities deal since August—a synthetic transaction sized at €332.6 million ($468.8 million).
  • Investors in European commercial mortgage-backed securities are still unsure about the levels at which they should be picking up AAA CMBS notes, according to Deutsche Bank's Clive Bull.
  • The next version of the CMBX, the synthetic commercial mortgage-backed securities index, will include a junior tranche of AAA-rated bonds.
  • Philadelphia-based RAIT Financial Trust closed a €900 million ($1.27 billion) securitization backed by European real estate last week.
  • Loss severities are ticking up within commercial mortgage-backed securities, according to analysts at Fitch Ratings.
  • Wachovia Securities has consolidated its Real Estate Capital Markets, Investment Banking and Financial Services into a newly integrated real estate platform and tapped four of the firm’s managing directors to lead it.
  • Absa is marketing Prime Realty Obligors Packaged Securities (Pty) Ltd (PROPS) — Series 1 Tap Issuance. The deal is a tap of a CMBS that was closed in November 2004.
  • South-African-based sponsors iFour Properties and Pangbourne Properties have come to market with a tap of the Prime Realty Obligors Packaged Securities commercial mortgage-backed securitization series.