An Australian CMBS issued by building society IMB called Illawarra Series 2011-1 CMBS Trust is in the market. The A$202.56 ($ 212.68) transaction is the third CMBS for the issuer.
The deal, which is collateralized by 750 contracts, is backed by a pool of SME mortgage receivables that have been sold to an SPV established in Australia, according to a Moody's Investors Service presale report.
The loans are first-ranking mortgages that are made out to commercial and residential properties located in Australia for business purposes, the rating agency said.
This deal, Moody's said, is considerably similar to the last Moody's-rated Illawara CMBS called Illawarra Series 2004-1.
