The global securitisation market glimpsed a rare chink of light yesterday when Tesco, the UK retailer, raised £430m (€505m) of funds by selling a crude form of commercial mortgage-backed bond to European pension funds and other investors.
The deal, which was three times subscribed, marked the first time that a so-called CMBS has been sold to private sector investors in Europe or the US since the credit crisis erupted.
As a result, it will bolster hopes that conditions in the complex finance world may be thawing.
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