capital markets

Iain Balkwill, partner at law firm Reed Smith, argues that the legislative treatment of commercial mortgage-backed securities will harm the long-term growth of the product.

Commercial mortgage-backed securities issuance in Europe is gathering steam, with at least four deals in the pipeline.

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.