Supply scarcity leaves investors long of cash as GRAND repays

Deutsche Annington Immobilien is set to fully repay noteholders in its German Residential Asset Note Distributor (GRAND) commercial mortgage securitization—the largest-ever European CMBS—on Monday, July 22. Market participants hailed the move as a positive for the European market, though some are wary over how investors may put that money to work while paper remains scarce.