Sluggish volumes but steady spreads in conduit CMBS

CMBS office
By David Bell
09 Apr 2018

After digesting a "wall of maturities" last year, a shortage of collateral is weighing on conduit CMBS volumes. Just one deal has been priced in the last two weeks, although single asset deals and CRE CLOs are running at triple and double last year’s pace.

Credit Suisse’s $953m CSAIL 2018-CX11 deal that was priced last Tuesday was the only conduit deal to have been priced in the last two weeks. The senior 10 year triple-A tranche was priced at 88bp over swaps, wider than the 81bp average in March but inside the 87bp ...

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