After the deluge of deals to hit the market in July, the pace finally looks set to let up just in time for a traditional summer slowdown. But before the lull begins, there still remain some busy days of pricing. Last week, pricing activity was dominated by the mega German multi-family deal GRAND, which provided a base for the remaining multifamily deals currently marketing.

Terra Firma's 5.4 billion ($6.9 billion) GRAND transaction saw price talk revised in on its class B, C and D notes, following oversubscription on each of these notes. The tranches priced at the tighter end of talk with the class B notes priced at 35 basis points, the class C notes priced at 72 basis points and the class C notes priced at 105 basis points. "The wave of private equity activity in the German multifamily housing sector over the past few years is beginning to be felt in the securitization market," reported a trader at Dresdner Kleinwort Wasserstein. "This transaction represents the refinancing of Terra Firma's activity in the sector, most notably the acquisition of Viterra from E.ON. The sheer size of the transaction, particularly given the time of year, meant that initial price guidance was suitably attractive."

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