Limiti di crescita
La prima CDO su immobili commerciali europea è stata lanciata alla fine dell'anno scorso. Tuttavia, c'è il rischio che, contrariamente alle previsioni iniziali, la crescita di tale mercato nel breve termine venga ostacolata dalla scarsa disponibilità di attività sottostanti e dalla mancanza di documentazione standardizzata
Duncan Wood
La prima CRE CDO europea, una collateralised debt obligation collegata unicamente a prestiti per immobili commerciali (commercial real estate, CRE) doveva essere lanciata nel settembre 2006. Investec e Bear Stearns - rispettivamente gestore e arranger dell'operazione - avevano già avviato i roadshow e parlato con gli investitori. Le attese suscitate da questo nuovo mercato erano elevate, in parte a causa dell'impressionante successo ottenuto negli Stati Uniti nel 2006, quando le
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