Bloomberg reporting that JP is hawking the WTC7 2012-7WTC deal. I'm seeing the taxable piece ($125mm) is already priced at +310 for the 3.7yr Baa3, and +450 for the 6.7yr Ba1.
Other deals in the market include the OSI deal from BMLDB 2012-OSI ($324mm), and the UBSCM 2012-C1 deal.
Other deals that are in the pipeline for next quarter include a $1bln JP conduit deal, $750mm Cantor conduit, $1bln GSMS 2012-GC7 conduit, and then two single borrower deals, Fountainebleau Hotel $450mm and Carousel Mall at $450mm.
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single property deals are easy to understand, and yield more than a risk-free rate. but any sane bond buyer in new conduit deals has to ask whether their collateral can get modified into an A/B structure where the B is essentially worthless.
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