The quietude provided during the Thanksgiving week allowed for the introduction of some CMBS deals that will furnish early December with some business. Most notably, a $1 billion JPMorgan conduit and a $1.2 billion Lehman/UBS conduit of similar structure both began premarketing efforts that should get full market attention. Each deal has a heavy retail contingent (40% and 37%, respectively), but the JPMC issue is 32% weighted in multifamily, while LB/UBS is 40% office. Aside from better agency interest in the JPMC offering, both are expected to garner solid investor demand. See the expected December calendar listed below.
Otherwise, the Kings Plaza mall transaction remains on the calendar from JPMC. The nature of its concentrated geographic and collateral exposure is making for some tough marketing, and the triple-A floating rate tranche widened out 10 bps to +95/Libor in pre-talk levels for the N.Y.-based transaction. Not listed is another healthcare facility issue for Ventas Trust via Merrill Lynch and a Credit Tenant Lease transaction led by Banc of America for Charlotte Gateway.