As a sign that the European CMBS market might be coming back to life, Lehman Brothers priced its Windermere XIV, the first CMBS deal seen in Europe in nearly five months. Investor reaction to the deal could be indicative of renewed interest in CMBS.

The CMBS sector has suffered a complete shutdown in the last four months. Even though problems in the European market mainly affected RMBS-related products and CDOs, investors still avoided all securitization deals. However, Lehman's success has opened the door to further issuance as more banks are expected to announce CMBS deals in the next weeks.

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