Wave of supply weighs on CMBS in September
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.
priced Monday to kick off the September calendar—the Bank of America and UBS-led BACM
2015-UBS7 and Citigroup’s
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