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Apollo Commercial Real Estate Finance, Inc. Message Board

  • wall_street_titan wall_street_titan Mar 24, 2011 8:56 AM Flag

    Goldman New CMBS Yield = 4.655%

    Although ARI has leverage in its portfolio, this CMBS new issue from GS tells me that the ARI NAV is undervalued:

    NEW YORK (Dow Jones)--The $1.4 billion commercial mortgage-backed security offered by Goldman Sachs Group Inc. (GS:...) priced late Wednesday.
    The fixed rate bond was being sold via the private Rule 144a market and joint lead managers were Goldman Sachs (GS:...) and Citigroup Global Markets.
    The $532.01 million 9.73-year triple-A rated tranche priced at 125 basis points over swaps, a benchmark, to yield 4.655%.
    The deal is dubbed GSMS2011-GC3.
    About $8 billion in new CMBS have either been sold or are being marketed so far this year.
    Estimates on total issuance for the year range from $35 billion to $45 billion for the year. Last year, about $10 billion in CMBS were sold.
    -By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@
    Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// You can use this link on the day this article is published and the following day.

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