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The US bank has made a swift return to Europe’s CMBS market with an office deal in the Netherlands.
The return of CMBS creates additional liquidity for the European market, but its scope should remain selective.
Longhurst Group will use the capital to deliver 700 affordable homes per year over the next six years.
Lenders are returning to the European securitisation space as senior pricing tightens.
The bank will securitise a large portion of three loans sponsored by Blackstone and Partners Group.
Citi and Morgan Stanley have securitised debt written against a Finnish property platform.
The senior 10-year notes carry a 1.5% coupon.
US insurer MetLife backs the firm’s drive for sustainability as sole investor in the privately placed issue.
Sponsor-led securitisations can be challenging, but are a competitive financing option, says Reed Smith partner Iain Balkwill
Al Rayan Bank’s first Islamic residential mortgage-backed securitisation in the country is expected to pave the way for further transactions of this type.