As the European securitization market matures so does its repertoire of deals. Gone are the days of extreme innovation. Instead, the market is increasingly defined by steadiness and dependability. This is demonstrated by the steadfast pricing spreads over the past year. But a lack of innovation did not mean a lackluster year - 2006 still had its share of shining stars that stood out in the record mix of deals, specifically in the CMBS market.

In terms of volume, the European CMBS sector has come into its own. After several years of false starts, the market is on its way to becoming a mainstay for European securitization. The sector saw Terra Firma's gigantic 5.4 billion ($6.87 billion) German multi-family deal, German Residential Asset Note Distributor PLC (GRAND), which was noteworthy for its size alone.

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