Stock Market

Europe Sees First Public CMBS in Two Years 

British supermarket giant Tesco successfully marketed the first commercial mortgage backed securitization (CMBS) on the continent in two years with a sale and leaseback deal worth $690m. It may hardly be a sign that the beleaguered commercial markets in Europe are on a revival, but analysts still believe the move is a positive for the industry. The CMBS market over there suffers from refinancing difficulties as the investor base eroded away two years ago, in part, as Special Investment Vehicles (SIVs) wound down.