Commerzbank closes €1.5 bn residential mortgages synthetic
securitisation transaction
19 June 2003 Commerzbank closes EUR1.5 bn residential
mortgages synthetic securitisation transaction Norton Rose, the
international law firm, has advised Commerzbank as originator and
Commerzbank Securities as arranger and lead manager in the securitisation
of a EUR1.5bn residential mortgages loan portfolio through the Provide
platform of Kreditanstalt für Wiederaufbau (KfW).
The transaction, named Provide Residence 2003-1,
closed on 18 June 2003 and was the third synthetic ABS transaction
of Commerzbank using the KfW Provide platform.
Joint lead manager was CDC IXIS Capital Markets
and co-managers were Bayerische Landesbank Sociedad Espanola de
Banca de Negocios Probanca, S.A. and Landesbank Baden-Würtemberg.
The Norton Rose Frankfurt capital markets team is
headed by partner Rüdiger Litten and senior associate Sven
Brandt. Rüdiger Litten said:
"With this most recent transaction Commerzbank
has now securitised three residential mortgage portfolios and a
small and mid-sized entities portfolio in aggregate of EUR6bn through
the Provide and Promise platforms provided by Kreditanstalt für
Wiederaufbau, the well-known German subsidy bank.
"This is an eye-catching demonstration of the
strength of both institutions acting jointly in securitisation and
it gives a foretaste of the German true sale initiative in which
both banks are involved."
Norton Rose has a strong track record in securitisations.
The firm has advised on a number of innovative transactions recently
including the first ever residential mortgage-backed transaction
in Portugal and the synthetic securitisation of a £300,000,000
mortgage portfolio originated by Bristol & West.
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