Europe’s CMBS market is currently dominated by the securitisation of large, balance-sheet loans, but pricing achieved in three recent CMBS issues has been disappointing. Perhaps now would be an opportune time for lenders to embrace agency CMBS structures, with respect to the securitisation of such loans. The challenging pricing achieved in relation to Logistics UK 2015 CMBS, Reitaly Finance CMBS and Taurus 2015-3 EU DAC shows the potential perils of CMBS as a distribution tool for CRE debt. These three deals bring into stark focus the pricing quandary that confronts many conduit lenders. Read more here (requires subscription).