Both Falcon Trust and Schooner Trust priced their Canadian CMBS transactions last week, marking an auspicious start to the New Year.

The C$172.65 million Falcon Trust deal is divided into four classes of securities: C$125.6 million of triple-A rated class A1 notes with an average life of 6.79 years, priced to yield 81 basis points over Canadian benchmark rate GOC; double-A rated Class B paper with an average life of 7.96 years, priced with a 110 basis point spread to GOC; single A-rated C class notes with an average life of 9.99 years, cleared at 160 over GOC; and triple-B rated subordinates with an average life of 9.99 years, priced to yield 275 over GOC.

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