Investors at the Investment Management Network (IMN) CMBS conference held in London last week said it wasn't fear that was driving the current buying freeze in the European market. They also offered issuers a list of demands needed to get the market back in working order again.

Buysiders said that the market needed to better understand how dynamics have shifted before buying resumed. "Investors are good at pricing risk, but the mathematics have changed," said John Kerschner, head of credit at Woodbourne Investment Management. "Six months ago, we knew spreads were tight but there was a market out there. Now, there is no bid - you buy a triple-B investment and you own it."

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