In 2012, the last edition of this book included a Chapter on the evolving role of issuers and trustees in European CMBS transactions. Such a Chapter would probably not have been considered necessary in the 2006 first edition. At such time, the European CMBS market was a robust and vibrant part of the securitisation industry, with annual issuance volumes continually increasing, both through banks using conduit programmes to securitise the loans they originated and property companies using CMBS structures to refinance their borrowings. The role of the issuer and trustee was considered in quite a different light then and involvement in litigation was not a particular feature.

Originally published in Sweet & Maxwell - November, 2016.