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It would be appropriate if a transaction named Taurus turns out to have triggered a sustained and bullish revival in the market for European commercial mortgage-backed securities. The €1 billion Taurus 2013 deal, led in May by Bank of America Merrill Lynch and HSBC, was certainly regarded as an important breakthrough, given that it was the first fully syndicated, publicly placed European CMBS since the financial crisis. Backed by a loan originated by BAML in February for a portfolio of 37,000 multi-family units in Dresden managed by real estate company Gagfah, each of the tranches on Taurus 2013 was oversubscribed, allowing for pricing to be tightened across the capital structure.
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