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Wells Fargo, RBS Plan $1B CMBS Issue
Well Fargo & Co. and the Royal Bank of Scotland are looking to raise $1 billion in a commercial mortgage-backed bonds sale.
Well Fargo & Co. and the Royal Bank of Scotland (RBS) are looking to raise $1 billion in a commercial mortgage-backed bonds sale, Bloomberg reports. The sale could be one of the final issues of the debt this year.
In a similar sale in July, the banks had raised $1.48 billion. With the markets getting roiled over the European debt crisis, Wall Street is no longer providing new loans to be rolled into securities. Meanwhile, in a joint bid to clear their accounts, UBS, Deutsche Bank, Citigroup and Guggenheim Securities are in talks to pool their mortgages.
Click here for the story from Bloomberg.