Wave of supply weighs on CMBS in September

By Max Adams
15 Sep 2015

Investors in both CMBS primary and secondary markets are bracing themselves for a glut of issuance this month, as numerous factors are conspiring to potentially drive spreads out further from two-year wides seen in August.

Two deals priced Monday to kick off the September calendar—the Bank of America and UBS-led BACM 2015-UBS7 and Citigroup’s and Goldman Sachs’ CGCMT 2015-GC33. BAML and UBS tightened most classes of their deal from guidance issued last week, pricing the $229.9m benchmark A4 class at 117bp over swaps from guidance of ...

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