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December 19, 2018 Comments Off on Latest CMBS Conduits Price at Widest Spreads of Year Views: 3494 National News, Top National

Latest CMBS Conduits Price at Widest Spreads of Year

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CMBS cash spreads widened across the board last week, according to research by Trepp. Cash spreads on new issue conduits gapped out between 10 and 20 basis points at the top and middle portions of the capital stack.

Meanwhile, subordinate spreads blew out by more than 40 basis points, notes Trepp analyst Catherine Liu. “There was some modest tightening across the CMBX 6-10 series as AAA spreads came in by up to two basis points. BBB- spreads for CMBX 7-11 tightened by about one to four basis points while those for CMBX 6 locked in a weekly gain of 14 basis points,” she wrote.

The factors at play included a U.S. stock market that dropped into negative territory, fueled by new economic data from China that reflected declining retail growth and disappointing production numbers for November. Added to the market jitters that the global outlook is decelerating, Liu notes, are mounting concerns surrounding the UK’s impending Brexit and weak manufacturing figures from Europe. That volatility is having a “spillover effect,” in CMBS markets.

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