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Major EU banks preparing bids for real estate debt assumed by NY Fed

CS, DBK, BCS, GS, AIG, JEF

Deutsche Bank AG (NYSE:DBK), Barclays Plc (NYSE:BCS), Credit Suisse AG (NYSE:CS)are preparing bids for US$7.49-B of real estate debt assumed by the US Federal Reserve Bank of New York in Y 2008.

It will likely take several weeks to select the winning bid.

Goldman Sachs Group Inc. (NYSE:GS) has also approached investors about preparing a bid according to the source.

The New York Fed said last week that it’s considering selling assets in its Maiden Lane III LLC portfolio. The holdings, taken on in the Y 2008 bailout of American International Group Inc.(NYSE:AIG), include 2 collateralized debt obligations, or CDOs, with a face amount of US$7.49-B that are tied to commercial property loans issued by Deutsche Bank in Ys 2007 and 2008.

Investors in the US$600-B commercial-mortgage bond market are waiting to see if two transactions in Maiden Lane III, which bundle securities culled from 103 deals, will be sold intact or broken down into pieces, according to a 9 March 9 report from Jefferies Group Inc.(NYSE:JEF)

Spokespersons for Deutsche Bank, Barclays, Credit Suisse and Goldman Sachs in New York, declined to comment.

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Paul A. Ebeling, Jnr.www.livetradingnews.com

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. Read the Terms of Service

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