A Canadian CMBS transaction called Institutional Mortgage Securities Canada Inc., Series 2011-1. is in the market. The eight-tranche transaction is managed by TD Securities.

The private offering comprises 16 fixed-rate loans secured by 16 retail properties, according to a DBRS presale report. The pool, which benefits from strong, experienced sponsorship, is backed by underlying properties owned by either RioCan REIT or Calloway REIT.

The rating agency added that proceeds for each shadow-rated loan are floored at the respective sponsor rating within the pool of 'BBB (high)' and 'BBB'.

The offering's 16 loans all have ten-year terms and amortize on a 30-year schedule. Each individual loan also has a full-recourse guaranty from the respective sponsor, DBRS reported.

For more preliminary details on the deal, please click on the link below from the ASR Scorecards database.


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