The Bank of New York Selected by Eurohypo AG as Trustee in First CMBS Transaction Under German True Sale Initiative
NEW YORK, October 23, 2006 -- The Bank of New York, a global leader in securities servicing, 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 securitization market.
Caroline Philips, head of securitization at Eurohypo AG, European Debt Capital Markets, said, “This landmark transaction was made possible by the expertise and efforts of all the parties involved. 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.” Karen Peetz, senior executive vice president and head of global corporate trust at The Bank of New York, said, “Our global structured finance team has played an important leadership role in the German True Sale Initiative, ensuring that we are at the vanguard of providing the services these transactions require. Our ability to service the originator and advisors with German-speaking staff who are also experts in the field of CMBS enabled us to manage all of the corporate trust aspects of this transaction seamlessly.”
Eurohypo AG resulted from a merger between Deutsche Hypothekenbank Frankfurt-Hamburg AG, Europaische Hypothekenbank der Deutschen Bank and Rheinische Hypothekenbank AG, which took place in 2002. It has mixed-bank status with a full banking license focusing on real estate business, public sector financing and refinancing. According to the company, Eurohypo’s CMBS conduit Opera, a complementary product to Eurohypo’s core business of senior commercial lending, was the most prolific European conduit CMBS issuer with Euro 4.7 billion of issuance in 2005 and over Euro 7.5 billion in total issuance since its inception. In 2006, Eurohypo has added three new jurisdictions to its issuance programme: Ireland, France and Germany. Eurohypo is also an investor in subordinate CMBS and B Notes. More information is available at http://www.eurohypo.com/.
The Bank of New York is the world’s leading provider of corporate trust and agency services, serving $8 trillion in outstanding debt from offices in 51 cities and 18 countries around the world. The Bank and its subsidiaries and affiliates provide trust services for all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities services and international debt offerings.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.
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