Peers slam “aggressive” Westfield CMBS as leads blame investor regs fear

westfield 230x
By Tom Porter
07 Aug 2014

Crédit Agricole and Deutsche Bank postponed Westfield's £750m CMBS this week, claiming some investors were concerned with a lack of risk retention in the deal’s structure. But market participants scoffed at the suggestion and said the pricing was aggressive and the timing poor, suggesting the leads were simply scared of not getting the deal away.

The banks released initial price thoughts for the single tranche deal last week and had reached the stage of revising guidance to 87bp-90bp over three month Euribor on Tuesday. 

But on Wednesday the leads revealed the issuer was deferring the note sale in order to address investors' concerns over ...

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