Investors Warned Of CMBS Risks

Bank of America analysts have cautioned investors in the riskiest tranches of new commercial mortgage-backed securities that as competition among issuers heats up, underwriting standards may decline.

  • 23 Oct 2012
Bank of America analysts have cautioned investors in the riskiest tranches of new commercial mortgage-backed securities that as competition among issuers heats up, underwriting standards may decline. Analysts further noted that since hedge funds dominate the market for the most of these tranches, the CMBS are prone to ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 119,693.92 344 12.91%
2 Bank of America Merrill Lynch 99,935.46 287 10.78%
3 Wells Fargo Securities 88,155.55 263 9.51%
4 JPMorgan 69,113.88 208 7.46%
5 Credit Suisse 51,260.05 154 5.53%