UBS, Citigroup Said to Team Up on Commercial Mortgage Bond
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UBS AG, Citigroup Inc. and Natixis SA are planning a $750 million offering tied to commercial mortgages as soon as December, according to people familiar with the transaction.
Lenders including Deutsche Bank AG had been in talks with the banks to pool as much as $1.5 billion of property loans they’ve amassed this year after a slowdown left some banks unable to stockpile enough mortgages to sell as securities, said the people, who declined to be identified because the discussions aren’t public. Citigroup will help sell the transaction and isn’t contributing loans, the people said.