The initial excitement following the launch of Europe’s first CRE CDO last year seems to be fast evaporating as predictions of double-digit issuance in 2007 could begin to look rather wide of the mark. This is being blamed on a combination of a limited European collateral pool, inter-creditor concerns and rating agency methodologies. The mezzanine and B note market in Europe is tiny compared with its US counterpart, and competition for collateral is therefore intense.
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