The European CMBS market has defied its ineligibility for the European Securities and Markets Authority's (ESMA) new ‘simple, transparent and standardised’ (STS) securitization framework intended to boost confidence in the market. The asset class that appeared dead and buried after the financial crisis has outpaced other asset classes in recent times. But the resurgence did not stop one deal this week from suffering heavy investor scrutiny, writes Tom Brown.
European commercial mortgage-backed securities (CMBS) issuance topped out at €2.9bn in 2018, after 13 deals came to the market — a figure not seen since 2013. Six deals have already come to market this year, putting it on track to equal last year’s figures according to syndicate desks,
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