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CMBS yields widen in June as investor base thins

June was a busy month for CMBS issuance, with the highest monthly volume in more than three years, though a dearth of triple-A buyers pushed spreads out to their widest levels of 2018.

  • By Alexander Saeedy
  • 10 Jul 2018

In the last week of June alone, $4.6bn of CMBS deals were priced across four conduit deals and a single borrower-single asset transaction. The monthly private label total reached $11.5bn, the highest since February 2015, according to Kroll Bond Rating Agency. 

However, a consistent problem dogging the market is ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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1 Citi 40,734.72 129 10.87%
2 JPMorgan 33,785.84 96 9.02%
3 Wells Fargo Securities 31,464.27 90 8.40%
4 Bank of America Merrill Lynch 29,270.38 93 7.81%
5 Credit Suisse 23,189.41 72 6.19%