Westdeutsche Hypothekenbank AG (Westhyp) has recently launched a EURO726 million deal, making history as the company's first mortgage-backed securities repackaging transaction.
HypoVereinsbank Real Estate Structured Finance, WestLB and WestHyp's financial advisor arranged the deal. The fully unfunded synthetic CBO has five tranches and the reference portfolio consists of 21 European MBS Transactions. Fitch assigned a AAA rating to 94% of the transaction.
The innovative deal is an important step for the optimization of HypoVereinbank Group's asset management and will be followed by further MBS transactions which HypoVereinsbank Real Estate Structured Finance expects to complete in the near future.