CMBS

DB Issues $406M CMBS Re-Remic

Published September 4, 2013 1:01 PM EDT 1 Min Read

Deutsche Bank priced a re-REMIC of AAA-rated CMBS, today according to market sources.

The $405 million deal Deutsche Bank re-remic trust 2013-EZ3, priced the DBRS and Moody’s Investors Service rated, triple-A notes, with a weighted average life of 2.44-years at 95 basis points over Swaps.

DBRR 2013-EZ3 is a static cash pooled Re-REMIC that is collateralized by 23 “long-pay” senior and super –senior CMBS certificated from deals issued between 2004 and 2007, according to a Moody’s presale report on the deal. Moody’s also refers to the CMBS Re-Remic structure as a commercial real estate CDO.

Standard & Poor’s did not rate the deal but said today that the return of CRE CDOs “is a leading indicator of increased CMBS underwriting risk.”

Issuance so far this year has been limited. In an Aug. 12^th report, Moody’s said that only one new CMBS CDO called CSMC Funding closed in the second quarter, the second CRE repack transaction for 2013.

CRE CDO issuance peaked in 2006-2007 at around $40 billion per year, according to S&P.

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CMBS CDOs

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