Europeans brought more volume to the year-end feast that's in play, while U.S. market players tonight prepare for a feast of an entirely different nature.
Among the new paper hitting the screens today is the 890 million ($1 billion) Dutch RMBS, E-MAC NL 2005-III. A total of 856.2 million of five-year A class notes are offered in addition to four subordinated tranches. E-MAC's provisional pool had a 78.8% weighted average-LTV and four months of seasoning.
Marketing is also underway for Epic (Ayton) plc, a £535 million ($920 million) synthetic CMBS from the Royal Bank of Scotland's conduit program. The transaction references a pool of five loans synthetically, maintaining a similar cashflow and risk profile to true-sale transaction, explained RBS analysts. The synthetic structure benefits from protection against yield compression as the credit premium is payable by RBS; credit protection by the structure is only provided where the servicer meets the servicing standards -- protecting the transaction from poor servicing.
JPMorgan Securities began marketing the 407 million ($480 million) pan-European CMBS from its EPC conduit program. The provisional pool includes five loans from Italy, Portugal and the Netherlands, including office, retail and industrial properties. A total of four tranches are offered rated from triple-A to triple-B. ING Real Estate also began marketing its £200 million CMBS that offers a single triple-A rated tranche with a 40.8% LTV.