As companies are tying up loose strings to close out third quarter books, Canadian institutions have begun filling up the fourth quarter commercial mortgage-backed securities pipeline. With at least three deals being brought to market, it appears Canada will have an active quarter.
First up, Merrill Lynch Mortgage Loans Inc. priced a C$115.5 million issue last week. The semi-structured securitization of the Bell Mobility headquarters is fully amortizing, having an average life of 14 years. Pricing was 156 basis points over the Government of Canada (GOC) 10.25% 14-year benchmark.