Citibank is to sell €648.05m (£450m) of property backed bonds through EuroProp in its fourth securitisation to be launched using its Citibank European Mortgage Conduit.
It is the bank’s first deal which incorporates a conduit pan-European pool of large commercial property loans.
Citibank’s London branch originated all eight loans backing the CMBS between May 2005 and February 2006.
The loans are secured against commercial real estate assets located predominantly in Germany but also France, Sweden, Portugal, and Belgium.
Standard & Poor’s has given the £485m senior tranche of bonds an AAA rating.
References: EGi News 07/07/06
