CMBS market skittish heading into Miami confab

The US commercial mortgage-backed security (CMBS) market is moving cautiously into 2019, and fears of widening spreads and shrinking market share compared to other forms of real estate debt capital are sure to be on the minds of attendees at the annual CRE Finance Council (CREFC) industry event in Miami next week.

  • By Max Adams
  • 09 Jan 2019
The CMBS market ended 2018 at the widest spread levels in almost 18 months for senior triple-A bonds. The last deal of the year, a $646.47m conduit offering from UBS, was priced at 112bp over swaps, compared to 66p at the start of 2018, which were the tightest ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 70,707.91 236 10.46%
2 JPMorgan 64,579.62 197 9.55%
3 Bank of America Merrill Lynch 51,474.08 169 7.61%
4 Wells Fargo Securities 51,322.59 157 7.59%
5 Credit Suisse 47,737.24 151 7.06%