Winner: Grand plc

In our monthly roundup of innovative deals in the credit markets, we highlight the Grand CMBS transaction, Vneshtorgbank's MBS and Wellcome Trust's inaugural bond issue


Size marks out the EUR5.4 billion commercial mortgage-backed securitisation (CMBS) from German Residential Asset Note Distributor (Grand) in July: it exceeded the combined value of all German CMBS issued in 2005 and is the largest CMBS deal in Europe to date. "It's the largest non-government trade of its type by a long way," says Jason Mann, who managed the sale of the bond for co-lead arranger Citigroup. "It's also the largest in terms of the amount of subordinated paper placed into the market

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