CMBS

Overall European commercial mortgage-backed securities (CMBS) issuance in Europe will continue its strong trajectory into the New Year, with German property loans, particularly multi-family, dominating the loan pools, according to Commercial Property News. This year should also see an increase in the regular contribution of loans from France, Spain, Italy and even further East. “We'll see the first loans from Central and Eastern Europe creeping into CMBS pools in 2007,” says Clive Bull, director of the European commercial real estate group at Deutsche Bank in London. “The economies of the countries are quite small--not a lot of assets to support decent-sized loans, but there are enough brand new retail and office loans to mix into pools of loans from other jurisdictions,” he says.

Goldman Sachs is planning a €1,105 billion ($1.4 billion) true-sale European commercial mortgage-backed securitization containing collateral originated from Germany and Holland.

Only one of the several CMBS deals in the market has price guidance so far — IKB Industriebank’s Eu909m synthetic CMBS, Stability CMBS 2007-1, led by Deutsche Bank.

Credit Suisse has begun marketing a £638m partial refinancing of a £1.17bn bridge loan used by Delta Commercial Property, an investment arm of Three Delta, to buy the NHP portfolio of care homes from Blackstone Group.

JPMorgan has made several senior hires to boost efforts in its Pan-European real estate structured finance business with emphasis on the U.K, Irish and Dutch markets.

IXIS Corporate & Investment Bank, a subsidiary of Paris-based bank Natixis, is in the market with its second commercial mortgage-backed securities deal, a €1.02 billion ($1.38 billion) synthetic risk transfer deal on a pool of CMBS loans.

Barclays Bank has launched its first synthetic collateralized mortgage-backed securities issuance, a €867.5 million ($1.17 billion) deal.