Investors Warned Of CMBS Risks

Bank of America analysts have cautioned investors in the riskiest tranches of new commercial mortgage-backed securities that as competition among issuers heats up, underwriting standards may decline.

  • 23 Oct 2012
Bank of America analysts have cautioned investors in the riskiest tranches of new commercial mortgage-backed securities that as competition among issuers heats up, underwriting standards may decline. Analysts further noted that since hedge funds dominate the market for the most of these tranches, the CMBS are prone to ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%