At the beginning of 2007, expectations for CMBS issuance in Europe stood at between €75 billion and €100 billion for the year. The asset class was one of the fastest growing in the region and by the time issuance stalled at mid-year €40 billion of CMBS had been done. But that leaves between €35 billion and €60 billion of planned issuance for the rest of the year hanging in limbo. There were between 20 and 30 deals sitting with the agencies when the crisis hit – deals that presumably have not made much progress since then.
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