DB and JPM turn to bank-only CMBS

摘要

Deutsche Bank and JP Morgan stripped out non-bank collateral on their latest commercial mortgage bond issue before it was sold to investors, winning favour with the simpler structure in a market scarred by volatility and regulatory pressures. The two banks dropped collateral from at least one non-bank lender by the time the US$818m deal was offered to investors last week, two sources with direct knowledge of the trade told IFR. It was rebranded as a bank-only deal comprised exclusively of loans originated by the two banks, after the final line up of loans were signed off and headed for securitisation, sources said. "It was not bank-only from the get-go," said one of the sources. The move marked a U-turn for an industry that until recently relied heavily on a swell of smaller, non-bank lenders to pad out their bond deals.