Europe's first CDOs backed by commercial real estate (CRE CDOs) are expected to hit the market this autumn. Investec last week announced its GBP200 million ($378.4 million) commercial real estate CDO, kicking off the market for this asset class in Europe. Meanwhile, three other deals are expected to follow this year, market sources said.

But as the much-anticipated structure comes to the continent, rating these deals is still proving difficult.

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