Two CMBS transactions recently priced with long-term super-senior AAA-rated bonds pricing at levels not seen since mid-2015. The first deal, a $1.3-billion offering by Citigroup and Deutsche Bank, priced the super-senior CMBS at 90 basis points (bp) over swaps, down 24 bp from the average of … [Read more...] about 2.3.17: CMBS Spreads Tighten Amid Limited Supply …
5.24.16: CMBS Spreads Decline Due to Lack of Supply
CMBS spreads continue to decline as the pace of new CMBS issuance falls well behind last year. U.S. CMBS volume as of late May was $28.5 billion versus $44.1 billion at the same time last year. Volume has fallen due to significant CMBS spread widening that reversed course in the beginning of March … [Read more...] about 5.24.16: CMBS Spreads Decline Due to Lack of Supply
3.8.13: CMBS Spreads Continue to Widen Amid Heavy Supply
Spreads on CMBS widened on mezzanine bonds from recent CMBS offerings floated by J.P. Morgan/CIBC and Wells Fargo/RBS this week. The junior triple-A bonds in the J.P. Morgan/CIBC deal priced at 110 basis points (bp), and comparable notes in the Wells/RBS issue widened further to 120 bp. Equivalent … [Read more...] about 3.8.13: CMBS Spreads Continue to Widen Amid Heavy Supply
8.17.11: Strong Demand, Tight Supply Improve Demand for Apartments
Investors continue to prefer investment in U.S. apartment buildings over most commercial properties, even commercial office space; total multifamily sales volume jumped nearly 80% in 2011’s second quarter from a year ago. Although still just a fraction of its mid-2007 peak, the nearly $15 billion in … [Read more...] about 8.17.11: Strong Demand, Tight Supply Improve Demand for Apartments