With attendance at the recent Commercial Mortgage Securities Association European conference held in Brussels earlier this month exceeding expectations, the hot topic this year was the educational seminar on the new investor reporting package for U.K. CMBS transactions - called CMSA E-IRP.
The E-IRP provides relevant data that investors can use to compare bonds across multiple transactions. The E-IRP concept is based on its U.S. counterpart, which the CMSA IRP introduced in 1997. However, it is structured to account for the differences between markets. A 30-day comment period, held in January, allowed input from market participants to improve the accuracy and efficiency of capturing U.K. CMBS market data. The organization received numerous suggestions during that period, many of which were incorporated, said Wilkie.