The Bank of New York has been appointed security trustee, German account bank, agent bank and paying agent by Eurohypo AG on the first commercial mortgage backed securities (CMBS) transaction issued under the German True Sale Initiative.
The German True Sale Initiative (TSI) is a structure that was established to facilitate the development of a German cash securitisation market.
“This landmark transaction was made possible by the expertise and efforts of all the parties involved,” says Caroline Philips, the head of securitisation at Eurohypo AG, European Debt Capital Markets. “Because of The Bank of New York’s global skills and capabilities, we were confident that they could support us in a timely execution of the deal.”