A new £420 million CMBS deal is being marketed at the moment, according to Barclays Capital. This deal ends a two-year lull in the Euro CMBS primary pipeline.

The deal, Tesco Property Finance 1 plc, consists of a single, fixed-rate, sinlge-A-rated tranche and is backed by two loans secured by 12 supermarkets and two distribution properties let on long-term leases. The leases' upward rent review are to Tesco plc subsidiaries, but are guaranteed by Tesco plc.

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