CMBS market set to surge after slow start
A typically slow start for new US CMBS issuance this year has led to spreads tightening in the secondary market, though the primary pipeline is bracing itself for a surge of deals.
Spread tightening in the ‘A-S’ tranche of non-agency CMBS has outstripped investment grade corporate debt since the start of the year, said Wells Fargo on Tuesday.
‘A-S’ spreads have moved in by 11bp, compared with 7bp of tightening in investment grade corporate bonds.“The slow ...
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