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
6.11.15: Meanwhile, CMBS Prices Begin to Weaken, Borrower Spreads to Widen
Two CMBS conduit deals were being marketed during the week of June 8, a $1.3-billion offering by Deutsche Bank, CCRE, Ladder Capital and KeyBank, and a $1.2-billion offering by Wells Fargo, Rialto Mortgage Finance, Silverpeak Real Estate Finance, Walker & Dunlop and NCB. Price guidance on the … [Read more...] about 6.11.15: Meanwhile, CMBS Prices Begin to Weaken, Borrower Spreads to Widen
8.22.14: Big September Pipeline to Test CMBS Spreads
Super-senior AAA-rated CMBS spreads retreated from recent highs of 90 basis points (bp) seen when a $1.2-billion offering by Cantor Commercial Real Estate, Deutsche Bank, Ladder Capital and Nataxis priced on August 13. Super-senior AAA-rated CMBS are currently trading in the 85 bp area. That said, … [Read more...] about 8.22.14: Big September Pipeline to Test CMBS Spreads
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
6.27.14: Super-Senior CMBS Spreads Continue to Decline
On June 19, Deutsche Bank and Cantor Fitzgerald priced the benchmark class of a $996.3-million multi-borrower CMBS conduit offering at the tightest spread in more than a year. The benchmark class of the Deutsche-Cantor deal priced at 78 basis points (bp) over swaps. That was 1 bp tighter than the … [Read more...] about 6.27.14: Super-Senior CMBS Spreads Continue to Decline
6.12.14: Super-Senior CMBS Spreads Decline to 16-Month Low
The super-senior benchmark AAA-rated class of a multi-borrower CMBS conduit offering led by J.P. Morgan priced on June 12 at the tightest level since February 2013. The benchmark class priced at 79 basis points (bp) over swaps. The last time the CMBS market achieved that level was on February 5, … [Read more...] about 6.12.14: Super-Senior CMBS Spreads Decline to 16-Month Low
9.20.13: CMBS Spreads Tighten Slightly as Swap Rate Falls
Spreads on new CMBS issues narrowed only slightly as financial markets rallied in response to the Federal Reserve’s surprise announcement that it would keep its massive bond-buying program running full-tilt. However, CMBS conduit loan borrowers still caught a break as the 10-year Swap Index used to … [Read more...] about 9.20.13: CMBS Spreads Tighten Slightly as Swap Rate Falls
8.9.13: Market Swallows Flood of CMBS Issues at Tighter Spreads
CMBS buyers returned to the market to gobble up the latest wave of multi-borrower offerings – four deals totaling more than $4 billion. Furthermore, prices generally tightened on each issuance. Now, new-issue prices on benchmark paper from commercial MBS offerings have retraced almost half of their … [Read more...] about 8.9.13: Market Swallows Flood of CMBS Issues at Tighter Spreads
7.9.13: Swap Rates and Loan Spreads Stabilize…for Now
After the 10-year Swap Rate (Swap) Index used to set CMBS conduit rates jumped from 2.37% to 2.60% on June 19 while Federal Reserve Chairman Bernanke spoke at a press conference and further spiked to 2.86% on Monday, June 24, the index has settled into a range of 2.80%-2.90%. Since the July 4th U.S. … [Read more...] about 7.9.13: Swap Rates and Loan Spreads Stabilize…for Now