Commercial Mortgage-Backed Securitisation: Developments in the European Market

December 01, 2006

Dechert launches European CMBS Book In conjunction with Sweet & Maxwell (a division of the Thomson Financial group), Dechert has published the first-ever European book dedicated to European CMBS entitled Commercial Mortgage-Backed Securitisation: Developments in the European Market. The book is available to purchase either direct from Sweet & Maxwell or from bookshops.

Structured finance lawyers at Dechert have brought together leading experts from investment banks, industry specialists, and rating agencies. All those contributing to the book have considerable experience in the securitisation market in the UK and Europe and in work that covers the legal, investment, issuer, arranger, trade association, servicing, and ratings agency perspectives to offer real insight into current practice.

The book examines the CMBS process from start to finish, beginning with the emergence of the asset; its economic environment and marketplace; the structuring of major deals, including the use of technological innovations and credit enhancement products such as synthetic swaps and property derivatives; and moving on to the origination, structuring, and issuance of CMBS deals. Following that, there is detailed coverage of subordinated debt structures, intercreditor agreements, servicing, CRE CDOs, and the European laws on market abuse and investor reporting. Analysis of the current European CMBS market follows, with an in-depth examination of the pan-European CMBS markets, including Germany, France, Spain, Italy, and Portugal, from leading structured finance lawyers within those jurisdictions.

Finally, new innovations and potential developments are covered in the role of CMBS in Islamic finance, title insurance, and more. The book will prove to be an essential guide to all participants in the CMBS industry.