Deutsche Bank has closed the €679.9m DECO 2014 BONN securitisation achieving a blended margin of 199 basis points across the six classes of notes.
The achieved blended margin reflects a 41 basis points less than the 240bps margin which Deutsche Bank funded the underlying €680m senior loan back on 30 September.
Given the metrics of the underlying property portfolio – 29 secondary quality German offices owned by IVG Immobilien with a portfolio weighted average unexpired lease term (WAULT) to first break of just 5.7 years – the achieved pricing underscores the efficiency of capital markets for investment banks exiting risk.
The final DECO 2014 BONN CMBS pricing was as follows:
CLASS SIZE (€m) Rating (S