Analysts Predict Pick-up in CMBS Market European bankers estimate a pickup in the European CMBS market in 2015 with expected issuance ranging from EUR 5.0bn to EUR 8.5bn “Despite a dip in volume last year, the European CMBS market continues to expand in the variety and type of structures that are coming to market” said Laurence Griffiths, Head of Structured Finance - Relationship Management. “We have seen a definite widening in the geographic scope of new deals being issued and have ourselves worked on deals in a variety of European Jurisdictions”. In 2014, U.S. Bank GCTS was mandated to perform a variety of roles for Pangaea Funding (Greece), ELOC 30 (UK), Taurus 2014-FRI (France) and more recently in 2015, on the Italian Tibet CMBS (more details below). Other deals to have successfully launched in 2014 include those backed by Dutch, Italian and Swiss collateral. Source: Dealogic As well as jurisdictional spread there has also been a notable increase in the number of deals backed by secondary commercial real estate and a shift away from transactions being used to refinance properties to instead finance new acquisitions. This may be a developing theme for the year ahead as Europe continues to offer real estate opportunities for international institutional and hedge fund investors. Indeed the primary market has already opened its doors with the first European CMBS transaction of 2015 - Tibet CMBS S.R.L , a refinancing of Milan luxury fashion complex No. 12 Via Montenapoleone. U.S. Bank Global Corporate Trust services is proud to be appointed as Representative of the Noteholders on the EUR 203m transaction arranged by Banca IMI and Cairn Capital. U.S Bank is one of Europe’s leading trust and agency providers for MBS transactions offering a comprehensive array of services. “We currently administer 39 CMBS and 29 RMBS transactions”, said Tom Cubitt, Head of Corporate Trust – Europe, “We are continually adding deals to our MBS book and are well positioned to capitalise on growth as it returns to the European market”. We support a broad range of structured and securitised products including auto-loans, commercial and residential mortgages, consumer finance receivables, whole business securitisations and repack programmes. If you are looking for a provider that can offer account bank, calculation agent, cash manager, paying agent, collateral administration and trustee services, contact Emma Hamley at +44 (0) 20 7330 2103 or visit us online at: usbank.com/corporatetrust.

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