| Deutsche Bank has just sold the first European commercial mortgage-backed security since the crisis. The 302 million pound ($490 million) deal avoids past flaws. Bondholders even forced Deutsche to agree to a more investor-friendly fee structure.
The last commercial property boom was a disaster: bankers made poor-quality loans with little regard for risk because they could be quickly repackaged as bonds and sold on to investors. Still, property markets need new sources of funding as capital-starved banks rein in lending and loans made during the boom years mature. Reviving the CMBS market is crucial..............................................Full Article: Source
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