Commercial property group Mirvac has become the third issuer to approach the Australian commercial mortgage-backed market so far this year, with a deal that brings the total value of CMBS transactions announced since January to A$604 million.

Volume to date appears to put the market on track to achieve Standard & Poor's forecast of more than A$2 billion of issuance by the end of the year. The trend is regarded as encouraging, given concern in the commercial property industry about the difficulty of obtaining terrorism insurance since last year's Sept. 11 attack on the United States.

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