CMBS issuance flows but pre-pandemic loans worry investors

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By Max Adams
20 May 2020

CMBS issuers have come back to market in recent weeks, bringing deals structured to entice investors with features meant to withstand the shocks of the pandemic. But investors say that there are still concerns around adding exposure to commercial mortgages written before the crisis.

Deals priced in May have been offered with different sweeteners for investors. These have taken the form of conduit deals with fully investment grade capital stacks, deals scrubbed of any exposure to hotels or retail, or single asset deals bolstered by a full 12 months of upfront debt ...

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