After nearly four years, the first significant, fully placed CMBS of European collateral has been issued. The CMBS transactions that have been issued since mid-2007 cannot be considered to be true CMBS. Either the transactions were retained deals issued for ECB financing purposes or they were credit tenant lease deals tracking the credit of a rated tenant (e.g., Tesco). During this time there has not been any issuance of true, structured credit CMBS of European collateral placed in the market.
The revival had been anticipated for several months, given the reopening of the US markets during 2010. The US CMBS market continues to expand and 2011 issuance already exceeds 2010 levels.