Commercial mortgage securitization continues European trend

Author: | Published: 1 Nov 2000

Clifford Chance has advised on the UK's largest multi-loan commercial mortgage securitization, which continues a trend that will see European issuance this year well above 1999's $9.6 billion.

The UK firm has structured Anglo Irish Bank's Monument Securitization No. 1 transaction, securitizing around £300 million ($444 million) of the bank's commercial mortgage loans.

During the first year of the deal the structure provides for the use of a £65 million fund, as well as principal receipts from the loans if desired, to securitize additional loans.

Paul Severs was lead partner at...