JPM CMBS widening exemplifies trend of weaker collateral

JP Morgan
By Ryan Bolger
18 Dec 2014

JP Morgan’s latest CMBS deal represents a market trend in which issuers have sold investors cheaper deals backed by weaker collateral, market participants say.

The $1.45bn CMBS transaction, JPMBB 2014-C26, was priced at 95bp over swaps for its largest tranche on Tuesday. That was wider than guidance in the area of 87bp over swaps for those notes, and wider than the issuer’s last deal off its JPMBB shelf, which was priced at ...

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