Deutsche Bank and UBS are planning to issue the year's first commercial mortgage-backed security (CMBS) offering, a $2.2 billion bond offering.
The Wall Street Journal reports that the bond consists of seven tranches, including three that are AAA-rated. The bond is backed by 47 loans on 83 properties, with 43.7% of the properties in the retail sector and 39.5% in the office sector.
The Wall Street Journal adds that the investor group is scheduled to meet on Monday and Tuesday, and the bond is expected to price early next week.
SOURCE: Wall Street Journal
