Bondholders face a payment reversal event for the European Talisman-5 Finance plc CMBS deal. It's the second reversal event to occur this year in a European CMBS.

According to a regulatory notice from the issuer, Talisman-5 Finance plc misallocated payments between noteholders on the three interest payment dates of January 2011, April 2011 and July 2011.

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