Moody's Investors Service predicted CMBS growth in 2007 in the EMEA market at its investor briefing held May 10 in London. Analysts at the ratings agency said the market is diversifying as more pan-European deals become intertwined with CMBS in Africa and the Middle East.

As the geography between deals grows, so will the diversity of EMEA CMBS. "There are more and more loans emerging from countries like Spain, France, Italy and Portugal that are included in pan-European conduits," said Christian Aufsatz, a senior analyst of structured finance at the firm. "Both Deutsche Bank and ABN Amro have origination teams taking loans from the Middle East and Africa and bundling them into one transaction in a Pan-European conduit." Conduit programs like those of Deutsche Bank or Credit Suisse have origination teams across Europe, Aufsatz added.

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