Banks Market $3.7 Billion of Commercial Mortgage-Backed Bonds
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Wall Street banks are marketing about $3.7 billion of bonds tied to property loans, wagering investor demand for the debt will withstand mounting concerns that the U.S. economic recovery is stalling and the European crisis is spreading.
Goldman Sachs Group Inc. and Citigroup Inc. are offering $1.5 billion in bonds, while Wells Fargo & Co. and Royal Bank of Scotland Group Plc are selling $1.48 billion of securities, according to people with knowledge of the sales. Deutsche Bank AG is marketing $685 million of notes tied to hotel mortgages.