ABSTRACT
The gathering pace and velocity of the markets had wound the industry up into a cyclone of activity, sucking in everyone and dispatching them at top speed into distant parts of Europe. UK investors leapt boldly over neighbouring countries to debut internationally in Germany, Central Europe and beyond; the Spanish investors with their growing wealth set their sights on France and the UK. Banks also had to contend with conduit lenders clipping at their heels as a dramatic increase in demand for commercial mortgage-backed securities bonds finally unlocked the potential of this specialist lending market in Europe. The industry had also worked hard to transform into a modern business: new products, the ability to track and benchmark performance, new levels of transparency across the board in the listed and private markets. The relative value of property to bonds saw a bounty of capital moving towards the industry.
