The private label new issuance sector moved onward and upward in the past two weeks, as the two largest deals in CMBS conduit space priced on the same day amid the overall credit concerns in all markets.

Demand was solid and only the lower tranches - which were needed to support and enhance the larger triple-A classes - showed any give to spreads in order to clear the deals. Spreads were fairly resilient and widened only marginally as the IG markets were more calm, while equities paused from their recent worldwide meltdown, subtracting "flight to quality" bids from treasuries and keeping volatility lower.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.