Bayerische Landesbank (BayernLB) has made its first foray into the commercial mortgage-backed bond market in Europe with a €2.2bn ($2.2bn) multi-tranche offering that is the largest deal in the sector this year and rivals CMBS deals in the US in terms of size.

BayernLB has been a major player in the global commercial lending sector for some time, but the latest transaction, which is called Nymphenburg 2002-1, marks the first time that the German bank has packaged commercial loans into a capital markets transaction.