Saturday, February 16, 2008

The CMBS Market has Re-Opened

According to Bloomberg, Morgan Stanley and Bear Stearns Cos. sold the first commercial mortgage backed security of the year: Morgan Stanley Sells First Commercial Mortgage Security of 2008.

It was a $1.2 billion dollar package of which $630 million was in the senior position. As you might expect the spreads were very high and the subordination was very high.

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