News and Transactions
IMC Completes Fourth CMBS Transaction: Canadian New Issuance Grows 300%
December 3, 2013

TORONTO, Dec. 3, 2013 /CNW/ – Institutional Mortgage Capital (“IMC”) announces the successful completion of its fourth Canadian CMBS issuance of $330.4 million (Institutional Mortgage Securities Canada Inc., Series 2013-4). This transaction has been rated by Fitch and DBRS.  IMC has now issued a total of $1.069 billion of new Canadian commercial mortgage backed securities since 2011, and has a 52% total market share of new Canadian issuance.

New Canadian CMBS issuance in 2013 now totals $1.375 billion, an increase of more than 300% over 2012.

This deal was marketed in both Canada and the United States and generated strong investor interest on both sides of the border, with over 30 investors participating in the transaction.

          John Ho, President and CEO of IMC, commented:
          “Once again, this transaction was significantly over-subscribed.  This was the first IMC transaction to be marketed in the U.S. and the strong interest shown by U.S. investors in Canadian CMBS has exceeded our expectations.  The explosive growth in the Canadian CMBS market in 2013, led by IMC, will allow us to bring at least 2, and possibly 3, new CMBS deals to market in 2014.  We want to thank our banking and underwriting syndicates for their strong contributions to this very successful transaction.”

IMC is unique in the CMBS industry.  As a major investor in Canadian CMBS bonds, IMC also invests in the first loss position (commonly called the “B-piece”) in its own CMBS transactions.  IMC believes strongly in the credit quality of the mortgages it originates and the performance of Canadian commercial mortgage loans.

IMC was established in 2009 and operates as an exempt market dealer and investment fund manager with expertise in Canadian real estate debt and related securities.  It originates and services commercial mortgage loans in all Canadian provinces.

SOURCE: Institutional Mortgage Capital Canada Inc.

For further information:

Charles Gamm