Low supply drives first 2019 conduit CMBS tighter

Issuers priced the first two conduit CMBS offerings of the year on Friday afternoon, placing the benchmark triple-A notes at considerably tighter levels compared to the last deal of 2018.

  • By Max Adams
  • 01 Feb 2019
Wells Fargo, Bank of America Merrill Lynch and Morgan Stanley sold the super senior triple-A notes of the $974.8m BANK 2019-BNK16 offering on Friday at 94bps over interpolated swaps, 18bps tighter than where UBS sold the same bonds of the final conduit deal of last ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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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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%