The European market did a good job of breathing some life into the summer pipeline. Last week's flurry of CMBS deals pricing contradicts earlier predictions of a virtual market shutdown.

Two U.K.-originated CMBS deals offered investors a hefty serving of sterling-denominated paper and some repose from the euro/dollar-dominated markets of late. Underwriters priced the refinancing deal for the U.K. Ministry of Defence, Annington Finance No.4. The transaction offered investors a total of GBP665 million (US$1.2 billion) of single-A rated, Class B floating-rate notes along with GBP260 million (US$475 million) of fixed-rate single-A minus notes pricing over Gilts.

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