A split rating at the senior note level had no apparent impact on investor demand for the latest offering of commercial mortgage bonds from JP Morgan and Barclays.

Moody’s Investors Service assigned an ‘Aa1’ to the 10-year senior tranche of F JPMBB 2014-C23, while KBRA and Fitch Ratings both gave them top marks of ‘AAA.’  The notes priced  at a spread of swaps plus 110 basis points, right in line with the comparable tranche of GSMS 2014-GC24, which were rated triple-A  across the board by Moody's, KBRA and Morningstar.

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