Winner: Grand plc

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Size marks out the EUR5.4 billion commercial mortgage-backed securitisation (CMBS) from German Residential Asset Note Distributor (Grand) in July: it exceeded the combined value of all German CMBS issued in 2005 and is the largest CMBS deal in Europe to date. "It's the largest non-government trade of its type by a long way," says Jason Mann, who managed the sale of the bond for co-lead arranger Citigroup. "It's also the largest in terms of the amount of subordinated paper placed into the mar

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