Germany’s Rheinhyp has convincingly kept its lead this year in the covered bond sector with a string of deals put together by a dedicated structured Wnance team that has only been in place for just over a year. Rheinhyp’s securitization of its European commercial mortgages across several countries broke new ground in Europe’s cross-border structured Wnance markets. Even though the legal hurdles for such a deal might have proved insurmountable, Rheinhyp and Barclays Capital together found a structure that should ignite interest from other asset-backed issuers to use similar synthetic structures to place pan-eurozone portfolio deals into the market.
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