Financial Services Industry
Industry: Email Alert RSS Feed4 Giant CMBS Deals Hit Market; $19 Billion Seen for Quarter
Commercial Mortgage Alert, March, 1998
Investors last week were bracing for an end-of the-quarter avalanche of commercial MBS, as four deals totaling $7.2 billion moved toward pricing.
The biggest deal ever - a $3.7 billion "fusion" offering by Nomura Asset Capital - is scheduled to price Wednesday. A $1.8 billion conduit deal by Deutsche Morgan Grenfell, ContiTrade Services and Morgan Stanley is on the calendar for Monday. And Merrill Lynch was close to pricing two transactions - a $1.1 billion conduit deal with Daiwa Finance and a $646 million offering backed by credit-tenant loans supplied by Daiwa.
First-quarter issuance is on track to surpass $19 billion - three times higher than a year ago. In fact, that total would exceed the full-year issuance in 1995.
CMBS spreads have held...
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