Spreads on CMBS securities declined in June, positively impacting CMBS conduit loan rates. The benchmark AAA-rated super-senior CMBS closed the month at 115 basis points (bp) over swaps, down from 145 bp over swaps on June 1. Super-senior AAA-rated CMBS spreads peaked in March during the height of … [Read more...] about 6.30.20: CMBS LOAN RATES CONTINUE TO DECLINE AS CMBS SPREADS RALLY
4.1.16: CMBS Conduit Loan Spreads Rally (Again)
CMBS spreads tightened further this week as two CMBS issues priced at levels tighter than a CMBS offering led by Wells Fargo that priced on March 18. The benchmark AAA-rated super senior CMBS bonds from the most recent $818-million offering from Deutsche Bank and JPMorgan priced on Thursday at 129 … [Read more...] about 4.1.16: CMBS Conduit Loan Spreads Rally (Again)
3.16.16: CMBS Conduit Loan Spreads Rally
After an extended period of widening spreads on CMBS bonds, spreads tightened significantly this past week. The tightening provided relief to market participants that have seen CMBS conduit lenders pull back from originating new CMBS conduit loans until the market for CMBS securities improved. The … [Read more...] about 3.16.16: CMBS Conduit Loan Spreads Rally
8.8.14: CMBS Rally Stops Dead in Its Tracks; Spreads Blow Out
After super-senior AAA-rated CMBS spreads declined to a post-crash low of 71 basis points (bp) in mid-July, spreads surged in the first week of August. On August 6, JP Morgan, Barclays, Starwood and GE Capital priced the super-senior AAA-rated CMBS of their $1.1-billion CMBS offering at 85 bp, a … [Read more...] about 8.8.14: CMBS Rally Stops Dead in Its Tracks; Spreads Blow Out
9.21.12: Fed Move Spurs Pickup in CMBS Rally
CMBS spreads fell to post-crash lows after the long-term, super-senior bonds from a $1.3-billion multi-borrower offering by Wells Fargo, Ladder Capital and RBS priced at 85 basis points (bp) over swaps on Wednesday, September 19, 2012, according to Commercial Mortgage Alert. This was down from the … [Read more...] about 9.21.12: Fed Move Spurs Pickup in CMBS Rally
5.18.12: CMBS Conduit Loan Rates Decline with Treasury Rally
CMBS conduit loan rates have fallen to the lowest levels since the restart of CMBS lending in 2010. Interest rates on CMBS conduit loans are set based on a spread over the libor swap rate corresponding to the loan term. Recently, libor swap rates have declined in tandem with the 10-year treasury … [Read more...] about 5.18.12: CMBS Conduit Loan Rates Decline with Treasury Rally
5.3.11: Commercial Mortgage Bonds: Largest Rally Since July
Commercial mortgage bonds are experiencing the largest rally in 10 months on growing confidence that declining unemployment will boost the economy enough to stem a tide of loan defaults. Top-rated securities backed by U.S. property loans returned 1.41% in April, while AAA-ranked corporate bonds … [Read more...] about 5.3.11: Commercial Mortgage Bonds: Largest Rally Since July
4.16.10: CMBS Rally Accelerates
On April 15, spreads on senior CMBS fell 25-30 basis points (bp) as an ongoing rally in CMBS spreads and prices accelerated. CMBS prices (as measured by the GSMS 2007-GG10 super senior A4 bond class, which is considered the industry benchmark) tightened to 295 bp over swaps from 325 bp. The dollar … [Read more...] about 4.16.10: CMBS Rally Accelerates
