The CRE Review is all over the Inland CMBS offering and is where I found this Reuters' link. The top two classes, representing $389 million out of the $500 million CMBS offering, were oversubscribed, and the final pricing was at yields at the low end of expectations. From Reuters:
I am finding it hard not to see why this is not good for Inland and commercial real estate in general.
The 10-year CMBS, just the third U.S. deal since issuance broke an 18-month void in mid-November, was oversubscribed, according to documents reviewed by Reuters on Wednesday.
Inland Western's two top-rated classes sold at yield premiums of 1.5 percentage points and 2.05 percentage points above an interest-rate benchmark, about a third of current levels on existing CMBS made at the height of the real estate boom. The yield spreads were at the low end of expectations.