The CMBS issues that are currently premarketing and plan to come to market in coming weeks are mainly ones that are backed by a single property or borrower.
Last week's Florida Mall pricing via Banc of America kicked off the month with a $263 million issue that came two basis points wider than the talk range for all A-rated or better tranches. On the table is also a 144A $432 million offering from Goldman Sachs and Credit Suisse First Boston for One Liberty Place, a $260 million Office Properties Trust via Merrill Lynch and First Union, and the movie theater-backed Bear Stearns Entertainment Property for $104 million.
The large-loan issue of the BofA Florida Mall deal came at +57 basis points over 10-year swaps for the 10-year A2 tranche, rated triple-A, which was wider than the +52-55 basis points talk levels.
More attention, however, will be paid to the lone conduit on the slate, lead-Morgan's MSDW Capital Trust 2001-Top1. The issue, co-managed by Bear, Goldman and Wells Fargo, is backed by the collateral of the market's top' issuers.
What makes this deal even more unique is the record-low 15% credit enhancement for the A tranches. As of press time, guidance was expected last Friday.