Demand not the problem for euro CMBS

Goldman London
By Tom Porter
15 Jul 2014

Goldman Sachs’s Moda CMBS became the latest European commercial property backed transaction to draw a heavy oversubscription this week, but CMBS structurers’ optimism is being tempered by the difficulty of finding appropriate assets for a more homogenised post-crisis market.

The US bank priced the €198.2m transaction around 4pm on Monday. The €145.1m single-A rated 4.7 year Class A bonds were priced at the tight end of guidance at 148bp over Euribor, with four junior tranches rated single-A through single-B priced at 190bp, 255bp, 330bp and 410bp, respectively.

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