The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

SF market round-up: Blackrock CRE CDO cracks Europe

Europe might well see its first CRE CDO by the end of the year (see Real estate CDOs: One size fits all?, Euromoney, October 2006). Blackrock Financial Management has structured a €342.5 million deal backed by predominantly UK and German CMBS tranches and B notes with an average rating of single B/single B plus. As the first of its kind, the CRE CDO was always going to be conservatively structured, and Blackrock is indeed taking a large chunk of equity – nearly 18%. As investors become more familiar with this asset class perhaps leverage levels will rise. But this first deal, lead managed by Morgan Stanley, will be closely watched as a blueprint for how this busy US sector might transfer to Europe.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree