The U.K. CMBS market took another leap forward at the end of February as Deutsche Bank closed a transaction backed by the revenues from a Manchester shopping complex called the Trafford Centre on behalf of Peel Holding PLC.

The deal, called Trafford Centre Finance Ltd., and jointly underwritten by Deutsche and Royal Bank of Scotland, was first in the market in October last year, but was withdrawn after it proved impossible to place all the bonds at a price that Peel was happy to pay.

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