
Size constraints
Commercial real estate

Europe's first collateralised debt obligation (CDO) to be linked solely to commercial real estate (CRE) assets was supposed to launch last September. Investec and Bear Stearns - the deal's manager and arranger, respectively - had already been out on the road, talking to investors. Expectations for the new market were high, partly because of the startling growth seen in the US, where the $43.5 billion in issuance during 2006 equalled the combined total of the market's previous seven years
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