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Commercial Mortgage-Backed Securitisation: Developments in the European Market is a new generation of legal text book, spanning the gap between business people and their professional and legal advisors written by a collection of leading lawyers, investment bankers, industry specialists and ratings agencies.
Richard Jones, Partner at Dechert LLP and past-president of the CMSA sets the scene in the introductory chapter, focusing on the technological innovations surrounding CMBS with a brief look at the product’s history and future market and trends. The book then examines the CMBS process from start to finish, starting with the economic environment and marketplace, via the ratings process and the structuring of major deals including the use of credit enhancement products such as swaps and derivatives, 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 in-depth examination of the pan-European CMBS markets including Germany, France, Spain, Italy and Portugal, written by the leading structured finance lawyers within those jurisdictions. Finally new innovations and potential developments are covered in e.g. the role of CMBS in Islamic finance, title insurance and a ook to the future.
Andrew Petersen and his team of contributors have considerable experience in the securitisation market in the UK, Europe and the USA and cover the legal, investment, issuer, arranger, trade association, servicer and ratings agency perspectives to offer real insight into current practice.