Deals continued to inundate the securitization market last week, with several transactions pricing. The pace is expected to ride the market through November. More CMBS deals were added to the pipeline along with what's expected to be the last U.K. CMBS deal for this year.
On this front, the not-so-foreign GBP365 million (US$583 million) Opera Finance No.1 for Eurohypo resumed marketing last week under a revised structure that, in this rendition, omits two loans from the structure. According to sources at the Royal Bank of Scotland, lead book runner on the deal, one of those loans has partially prepaid since the original offering earlier this year. As a result, the deal has reduced its exposure to Central London office properties to 17% and offers a lower LTV of 60.7%. The pool incorporates 55.3% total exposure to office properties, 38.1% exposure to retail properties, 4.7% to warehouses and 1.8% mixed use by syndicated property value.