There was no barrage of European issuance last week but the market did price a few transactions. On the list of firsts for Europe was the EURO198.95 million (U.S.$178.6 million) Real Value One transaction, managed by WestLB.

This was the first global synthetic CMBS issued in the European market that includes U.S. assets. With very little difference in structure to other synthetic CMBS transactions, the main difference is founded on the reference collateral, which includes 45 loans originated by Westdeutsche ImmobilienBank. The loans are secured on 39 properties in Canada, France, Germany, U.S.A., United Kingdom, Spain and Hungary.

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