CICC
CICC underwrote six commercial mortgage-backed securities (CMBS) deals with a total value of Rmb16.52 billion ($2.53 billion) during the awards period, representing a market share of 27.67%. In terms of CMBS issuance deal numbers and volumes, the securities house ranked first and second respectively.
CICC has demonstrated a unique ability to identify good-quality commercial assets such as premium office buildings and shopping malls off the beaten track. The bank has proved more daring than its rivals when choosing underlying assets. The firm did not just target properties in China’s tier-one cities – a hierarchical classification usually assigned to cities that are most developed and have the most affluent and sophisticated consumers – but also in tier-two and tier-three cities such as Tianjin, Jinan and Sanya.
One transaction that stood out during the awards period is a Rmb783 million CMBS originated by Tianjin Zhong Bei Wang Asset Management Co. The underlying assets of the trade were the trust beneficiary rights of one of the AEON malls in the city of Tianjin. The transaction was completed in late August.
The transaction is the first CMBS deal to include commercial properties built on state-owned land, an asset that other securities houses traditionally did not dare to touch because of legal concerns.