BMF 6 consisted of £500m of first charge mortgages which is by far Commercial First’s largest securitisation to date and reflects the significant increase in commercial mortgage originations at the company.
Deutsche Bank was lead manager on the bond issue, which was in sterling and euros. It included loans from all over the UK including Northern Ireland. Despite the issues surrounding the US non conforming market and the tighter spreads in UK non conforming residential mortgage backed securities, BMF 6 had the most favourable structure yet in Commercial First’s securitisation programme which reflects the increasing confidence that the rating agencies and investors hold in Commercial First’s underlying assets and its track record.
Philip George, managing director of Commercial First, said: “ We are delighted with the response we have had both from rating agencies and investors, with this our largest securitisation to date, and we are very pleased with the help and support received from the team at Deutsche Bank.
"Commercial First is committed to two securitisations a year, and this latest success will enable us to press further ahead with increased originations and accelerate our plans to continue to be the dominant player in the specialist commercial mortgage market”.
