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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. Rating

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