Best for CMBS 2019
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Best for CMBS 2019

China Securities

Xie Changgang, Managing Director, CSC.jpg
Xie Changgang, CSC

CSC was one of the first securities houses in mainland China to tap into the commercial mortgage-backed securities industry. Since 2014, it has arranged eight CMBS deals with a total value of Rmb22.4 billion ($3.2 billion), ranking number one in the market both in terms of number and volume of deals. The team was led by managing director Xie Changgang.

Unlike some securities houses that have dived into a wide range of property types, CSC has a proven history of securing a narrower range of extremely high-quality commercial assets. The securities house has a close relationship with many big commercial real estate providers, such as Wanda Group, Sino-Ocean Group, Golden Resources and Greenland Holdings.

With these assets, CSC makes sure that its CMBS are tightly priced, well-structured and cleanly executed.

CSC also has strong sales capability in CMBS. In April, the firm acted as the arranger for the CSC-Yingxiang CMBS, securitizing the future rental income, commercial management fees and parking lot fees of China Central Place, a high-class office building complex. The senior class-A of the trade was the most tightly priced CMBS senior tranche since 2017.

In August, CSC broke its own record. The firm acted as the lead underwriter of the Rmb9.3 billion CICC-Jinmao Kaichen CMBS, underwriting more than half of the deal. The senior class-A was priced at 4.1%. It is still the lowest-priced CMBS tranche since 2017.

In a market where the amount of deals still trails far behind the amount of high-quality commercial assets that can be securitized, the ability to secure such assets is equally important, if not more so, than discovering new property types.

With each deal, CSC strengthens its leading position in the market.