capital markets

Christian Aufsatz, head of European structured finance at rating agency DBRS, expects market dynamics to support a continued revival of Europe’s commercial real estate securitisation market.

The Italian GaCS scheme, expected to be replaced this year, has boosted European securitisations to €11.7bn, from €2.6bn in 2017.

In 2018, multiple banks revived the securitisation market with the launch of 13 deals.

Data published during the year reveal relatively stable European financing conditions and a revived CMBS market.

Retail specialist sees more attractive secured financing costs as it refinances debt used for the acquisition of Poland’s Wars Sawa Junior retail complex.

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The two banks have issued the first post-crisis transaction with significant French real estate exposure.

The company will gradually replace most of its existing secured debt facilities with more issuances under its €10bn medium-term note programme.

BAML’s Devonshire Square transaction in London comes amid widening pricing in the securitisation space.

The securitisation of debt linked to a logistics property achieved 75bps for its highest-rated notes, following a trend of constricted prices in the market.