Morgan Stanley sells CMBS as market set to outpace 2018
Morgan Stanley sold the latest conduit CMBS transaction at the end of last week, putting the US non-agency CMBS sector on track to eclipse the total volume issued in 2018.
Morgan Stanley, along with KeyBanc Capital Markets and Cantor Fitzgerald as co-managers, sold the $1.02bn MSC 2019-L3 deal last Friday, pricing the senior triple-A rated ‘A-4’ class notes at 94bp over swaps. The most junior class on offer, the class ‘E’ notes, were priced at 375bp. The deal