Gagfah’s jumbo €2bn CMBS prices wide of initial guidance at bottom of cap stack
Leads have successfully priced Gagfah’s €2bn GRF German multi-family CMBS after putting extra spread on the table for investors in the class ‘D’ and ‘E’ tranches to allay concerns about widening CMBS secondary spreads.
Final pricing for the top three tranches of the capital structure remained unchanged from initial guidance. The €1.24bn ‘A’ tranche was priced at 115bp over three month Euribor, the €239.8m ‘B’ tranche was priced at 160bp over and the €137.1m ‘C’ tranche was priced at 210bp over.
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