Investors slap DB's wrist on CMBS

摘要

Investors are still smarting over a loss of roughly US$75m they took in August on a pair of commercial mortgage bond deals and demanded a huge spread premium on a new Deutsche Bank trade. Deutsche's US$1bn conduit CMBS lingered in the market for more than a week, saw bankers significantly push out pricing during bookbuilding and then cleared it at a new wide for the year. Investors pushed back because they were bruising from the large hit they took in August on an office property loan on Chicago's Prudential Plaza. Deutsche Bank included a new US$115m slice of debt on Prudential Plaza in its latest deal. This raised eyebrows because bondholders in a pair of 2006 CMBS deals that held the prior Pru Plaza mortgage had to shoulder losses, while the borrower was given a free pass on a huge slice of debt.