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Europe's first post-crisis multi-jurisdictional CMBS was wrapped up this week, but both the sterling and euro denominated top classes were priced wide of the guidance given by lead manager JP Morgan.
The top rated Pounds 109.259m class was priced at 130bp over three month sterling Libor, about 20bp wide of initial price thoughts, while the result for the top rated EUR 54.789m tranche was similar. That bond came at 210bp over three month Euribor, 20bp wide...