European spreads are proving resilient despite the continued building of ABS paper. "Although deals tend to be oversubscribed, testing the lower levels of pricing has been relatively unsuccessful recently," Commerzbank analysts said.

New deals continue to be the order of the day. Last week dealers announced that the 5.4 billion ($6.7 billion) GRAND German multifamily CMBS deal is due to be tapped. A total of 399 million of new bonds will be issued across the capital structure to fund the addition of the 559 million portfolio to the collateral pool.

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