Strong demand led to tight pricing on newly issued CMBS securities amid the marketing of $10 billion of bonds. Wells Fargo, Morgan Stanley, Bank of America and NCB priced the $1-billion conduit issue on June 14, with the super-senior, long-term AAA-rated bonds pricing at 64 basis points (bp) over … [Read more...] about 6.20.21: CMBS SPREADS CONTINUE TO TIGHTEN ON STRONG INVESTOR DEMAND
2.3.17: CMBS Spreads Tighten Amid Limited Supply …
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 …
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
2.5.13: Spreads Tighten Further on Junior Investment-Grade CMBS
While AAA-rated senior investment-grade CMBS spreads remain flat, junior investment-grade CMBS spreads continue to tighten for recent CMBS issues as investors take on additional credit risk in search of more yields. Long-term super-senior CMBS with an initial 9.5- to 10-year life have seen spreads … [Read more...] about 2.5.13: Spreads Tighten Further on Junior Investment-Grade CMBS
7.26.12: CMBS Spreads Reverse Direction and Tighten
CMBS spreads reversed direction and tightened in the past two weeks after CBMS offerings from Morgan Stanley/Bank of America (BoA) and Wells Fargo/RBS priced at sequentially tighter spreads from peak levels seen in June when UBS/Barclays widened pricing of long-term super senior CMBS from its … [Read more...] about 7.26.12: CMBS Spreads Reverse Direction and Tighten
3.6.12: CMBS Spreads Tighten Across the Board in February
Trepp reported that the powerful rally in the CMBS market that started at the beginning of 2012 extended for a second month, giving investors a lot to cheer about in February: The market has tightened in four of the last five months. After a miserable stretch from June through mid-September 2011, … [Read more...] about 3.6.12: CMBS Spreads Tighten Across the Board in February