first de-linked European CMBS since the start of the financial
crisis will be viewed as a standard for future CMBS deals.
Clarification on the role of servicers and bondholder meetings
are especially helpful.
DECO 2011 – CSPK, issued by Deutsche Bank, closed
on June 28. Banks will be keenly watching its revival ahead of
restarting their own programmes.
"I’m not sure it’s turned out to
be quite the success the market had expected once
they’d heard it had launched," said Brad Duncan,
general counsel at Citibank.
"When people start doing these deal in a few years, I think
they’ll look to the deco deal as a standard," he
said. "Now you’d have to do at least what they did
in Deco to put together a deal."
Conor Downey, partner at Paul Hastings, lead counsel on the
deal, thinks it has been a greater success than...