UNITED STATES

摘要

Four issuers looking to sell US$3.39bn in commercial mortgage bond deals kicked off September's anticipated US$12bn supply rush at wider spreads than seen in August. Talk on Triple A rated 10-year paper started out defensive at roughly swaps plus 125bp on three conduit CMBS on offer, investors said. But after seeing strong momentum, a US$757m CMBS from Bank of America Merrill Lynch and UBS trimmed that range to S+120bp-122bp. That inched the market closer to last month's S+120bp clearing level. But it still signalled that investors were likely to extract a handsome premium to the year's average of S+92bp, acccording to Wells Fargo data.