A new commercial mortgage-backed offering and an acquisition by a major Canadian securities firm highlighted the happenings in the Canadian market last week.
Merrill Lynch Mortgage Loans has begun road shows for an approximate C$287.62 million commercial mortgage-backed transaction. The deal consists of 63 mortgages, seven of them originated by GMAC Commercial Mortgage Corp. and the rest by Merrill. The four public tranches constitute $255.98 million, or 88%, of the deal, and includes a fast-pay and a slow-pay triple-A rated tranche. The remaining 12% of the deal is being placed through eight private tranches.