The US housing market saw a slowdown in construction as new build starts fell for a second straight month in September.
As the US CLO and CMBS markets debate the viability of horizontal versus vertical risk retention, the market is quietly discussing a third solution to this year’s favourite fixed-income conundrum.
Deutsche Bank priced the first ever single asset CMBS offering to comply with risk retention rules late last week, giving the market the first glimpse of what a deal tied to a single property will look like under the new regulatory regime.
The US CMBS market has been steadily widening since a summer rally pushed spreads on the bonds to the tightest levels of 2016, with new issue benchmark triple-As widening out by over 20bp since then.
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||6,901||20||10.32|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Wells Fargo Securities||68,611.22||170||11.38%|
|2||Bank of America Merrill Lynch||59,056.08||169||9.80%|