Rebuilding CMBS

There is an unmistakable hubbub building in the CMBS market. First, Bank of America Merrill Lynch sold a hugely oversubscribed €1bn deal, Taurus, in early May. And this week, German real estate company Gagfah unveiled a €2bn German multi-family deal, GRF 2013-1, that will refinance all its outstanding debt due in August, in one fell swoop.