Although August is typically a slow month, it seems that there is still a good deal of commercial mortgage-backed securities activity ahead.
At press time a Salomon Smith Barney conduit for approximately $780 million was scheduled to be launched, called SBM7. There was no price talk yet for this transaction.
The Credit Suisse First Boston deal for $1.1 billion that priced recently (MBSL 7/31/00) was a large transaction that was extremely well received, sources said.
"It was large, and so it brings a different type of buyer to focus on it," said one CMBS source.
The GMAC deal that surfaced last week (see p. 6), although still in the pre-market phase as of press time, got thumbs up from casual observers.
"This is a frequent issuer, so my guess is that it is okay," said a CMBS investor. "There is a high multifamily percentage on the deal though maybe not enough to get agency interest. But at least it's out there, at a little over 30%. But I'd say that the level of activity in the market has been low, overall."