Commerzbank has announced a tender offer on a seasoned synthetic German RMBS, Provide Gems 2002-1. The bank is offering to purchase up to €15.7m of the Class A notes (of €32m outstanding) and up to €22.5m of the Class B notes (€46m outstanding).

The indicative price ranges are 65%-80% for the Class As and 40%-60% of nominal for the Class Bs, according to securitisation research analysts at RBS. The originator has waived its right to call these notes until September 2012. The tender offer expires on 28 October.