CMBS Vendor Eyeing Europe

Trepp LLC - a provider of commercial mortgage-backed security and commercial mortgage information, analytics and technology - has a number of new initiatives for the growing European CMBS market.

* The company has expanded its relationship with Boston-based Property & Portfolio Research by providing clients with limited access to PPR reports for 21 European office markets.

* Trepp subscribers will now receive access to Moody's Red-Yellow-Green scores for all European deals rated by Moody's.

* New enhancements to Trepp's CMBS analytics delivered through Bloomberg LP allow clients to have several loan override options, including the ability to model prepayments. "This feature offers greater flexibility while running assumptions at the individual asset level," Trepp said in a recent press release. "Unlike the U.S. market, European loans do not feature extensive lockout restrictions. This, in turn, creates a greater need to analyze the impact of individual loan prepayments. This addition was in direct response to requests of European investors to handle this unique market aspect."

According to Trepp, total European CMBS issuance is expect to exceed $45 billion this year, showing notable growth from $22 billion in 2004 and approximately $17.5 billion in 2003.

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