Investigations into the Orb Group's dealings (see ASR 3/3/02) involve only two CMBS transactions, but for the young and promising European CMBS market, these latest missteps could prove to be valuable cautionary examples.

"We expect one of the growth sectors this year in European structured credit to be CMBS due mainly to the difficulties faced by many banks that have traditionally lent aggressively to the commercial real estate sector," reported analysts at BNP Paribas.

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