Executive Summary
This briefing reviews developments in European CMBS since the
financial crisis and focuses on (1) 2011-15 European CMBS
transactions ("2011-15 European CMBS");
(2) 2017-18 European CMBS ("2017-18 European
CMBS"); and (3) other innovative structures that have
recently been introduced to the European market, such as bond
issues backed by real estate, which draw upon features from
products outside the scope of traditional European CMBS.
Background
Following the financial crisis, the European CMBS market began
to re-emerge in 2011 together with CMBS 2.0 principles1.
However in 2015, public issuance ceased as a result of factors such
as the Chinese financial crisis and the possibility of Greece
exiting the European Union. Subsequent to this, favourable pricing
allowed the market to re-emerge towards the end of 2017 and
continue at a steady pace in 20182.
