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European CMBS Market Set to Close the Gap on the USA

LONDON-The European Commercial Mortgage-Backed Securities market came of age in 2001, with a 75% increase in issuance on the previous year. And although the European market is only 40% of the size of the US market, ratings agency Fitch forecasts that it will catch up fast.

By Graham Parker | Updated on February 14, 2002

LONDON-Europe saw a 75% hike in Commercial Mortgage-Backed Securities issuance during 2001, with €19.1 billion ($16.4 billion) issued, against €10.9 billion ($9.2 billion) the previous year. According to ratings agency Fitch, Europe’s CMBS market is about seven years behind the USA in its development, but it expects to see the gap narrow as European institutions become more aware of what the market has to offer.

Fitch forecasts that in 2002, issuance across Europe will grow to over €25 billion, ($22 billion) and it may even reach the 30bn of issuance completed in the USA in 1996.

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