JPMorgan Leads CMBS Sale as Offerings Revive: Credit Markets
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JPMorgan Chase & Co. sold the largest offering of commercial mortgage-backed securities this year as Wall Street seeks to chip away at property debt financed before real estate values plummeted.
The top-ranked 10-year portion yields 150 basis points, or 1.5 percentage points, more than the benchmark swaps rate, according to a person familiar with the transaction. That compares with a spread of about 305 basis points on comparable bonds issued prior to 2008, when underwriting standards were more lenient, JPMorgan data show.