German real estate lender Eurohypo was marketing a 1 billion ($1.32 billion) Dutch CMBS under its Opera series vehicle last week. The deal offers investors exposure to 318 Dutch properties. It's the lender's fourth CMBS deal announced in less than three weeks and the first euro-denominated Opera bond ever. Notes in the latest transaction will include 656 million of triple-A rated senior paper and an additional three tranches rated from double-A to triple-B.
Investors also saw 1.5 billion of Dutch MBS circulating for NIB Capital via its Dutch MBS XII transaction. The capital structure will include a 4.9-year triple-A rated senior A class and five subordinated tranches dated at seven-years. The provisional pool has 30 months of seasoning and 79.4% indexed loan-to-foreclosure-value (LTFV). This is the first deal in NIB Capital's first Dutch MBS series since Dutch MBS XI, which priced in November 2003.