Grocery group Tesco has raised £430m through the sale of commercial mortgage-backed securities (CMBS).

Tesco’s fundraising was been taken as a signal that the global securitisation market may be gradually reopening for business because it was the first CMBS transaction sold to traditional asset managers since the start of the credit crunch – they have refused to support mortgage-backed bonds for almost two years.

The grocer sold mainly to asset managers, insurance groups and pension funds, The Financial Times reported.

Goldman Sachs arranged the bond, which was sold at 330 basis points over 20-year gilts – a far higher funding cost than was the case in pre-credit crunch markets.

The deal was backed by rents on 12 Tesco stores and two warehouses.