The CMBS market held flat this week and the issuance pipeline was cleared heading
into the Memorial Day weekend.
This month, three new loans were transferred into special servicing and 92 were newly
watchlisted, with a total exposure of $1.2bn. In addition, the first 2015 vintage
watchlisting has appeared.
This is an excerpt from our CMBS Credit Handbook - May remits, May 21, 2015, which
contains additional charts and tables.
Appendix
10
14
Research catalog
15
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES STARTING AFTER PAGE 16
Jasraj Vaidya
+1 212 412 2099
jasraj.vaidya@barclays.com
BCI, US
Aaron Haan
+1 212 412 3661
aaron.haan@barclays.com
BCI, US
Mengbai Wang
+1 212 412 2099
mengbai.wang@barclays.com
BCI, US
www.barclays.com
Views on a page
Comments
The CMBS market had a flat week, as secondary trading was light heading into the long weekend. Underlying fundamentals remain positive in
the CRE market as the economy continues to recover. We recommend new issue credit curve flatteners in the CMBS 3.0 space, but moving
higher up in the capital stack to avoid worsening underwriting. In particular, we recommend going long AA/single-A rated tranches in recent
issuance and investing in BBBs from the 2013 vintage, particularly H1 13 deals. We recommend staying neutral on 3.0 dupers, which have a
limited ability to tighten further in the face of increasing supply and low absolute yields. We are also neutral in the legacy CMBS space, where AJ
and mezzanine bonds appear priced to optimistic scenarios and senior bonds are exposed to fast CPY speeds. In agency CMBS, Freddie K 10y
A2 seniors have returned to a more historical range versus conduit AAAs, but remain attractive compared with similar duration agency MBS.
CMBS
Index
2.0
2.0
AAA
2.0
AAA
LCF
2.0 AA
2.0 A
2.0 BBB
Agenc
y All
Agcy
CMBS
8.5+
Agcy
CMBS
Mezz
-5
MTD May. 20
-37
-38
-63
-60
-103
-80
-74
-64
-40
-103
-44
YTD 2015
131
139
185
168
175
239
255
337
162
105
319
12
11
15
15
17
17
13
16
MTD May. 20
14
14
19
17
26
29
22
26
25
37
22
YTD 2015
62
68
101
84
116
162
167
245
59
59
222
MTD May. 20
YTD 2015
48
54
Pipeline clears ahead of the long weekend, but should pick up sharply
heading into June
The CMBS new issuance market priced several deals, clearing out the inventory of those being
marketed, but issuance should return shortly after the holiday. The GSMS 2015-GC30 deal
priced on Friday, with spreads on the AAA in line with previous deals at S+86bp. However,
21 May 2015
Rated by Moody's
Rated by Kroll
14 Aaa
14 AAA
AS tranche
14 AAA
B tranche
5 AA, 9 AA-
C tranche
14 unrated
14 A-
D tranche
14 unrated
14 BBB-
Note Moodys rated six additional conduits launched this year. Source: Trepp, Barclays Research
To see what is driving the difference in ratings opinions, we compare the valuations the two
agencies put on top 10 properties from the 14 deals that they both rated, as well as how much
of this valuation difference emanates from assessed NCF versus a cap rate effect. Using the
LTVs provided by each lender, we can compare how the two ratings agencies differ across
sectors in their valuations (Figure 2). As expected, based on the difference in rating levels,
Kroll generally has higher valuations across property types. But the difference is particularly
notable in the hotel sector, where Kroll valuations are on average 20% higher than Moodys,
and in the office sector, where Krolls valuations on average are 14% higher. Valuations
were closer between the two on other sectors, such as retail, multifamily, and others, where
Kroll was generally 5-10% higher.
21 May 2015
% Bal
Property Value
NCF
Office
38%
14%
1%
13%
Retail
24%
9%
3%
6%
Hotel
18%
20%
22%
-1%
MF
12%
5%
2%
4%
Mixed
6%
8%
3%
6%
Storage
2%
5%
1%
3%
Industrial
1%
8%
6%
1%
Grand Total
100%
12%
5%
6%
Note: Simple averages over top 10 loans for 14 conduits from 2015. Source: Moodys, KBRA, Barclays Research
Moodys assessed net cash flows significantly lower than Kroll for hotels
and applies harsher cap rates to office
The differences in valuations are driven by two factors: the difference in assessed net cash
flow and the effect of the implied cap rate used to come up with a final valuation. For the
hotel sector, the differences in valuation were driven primarily by assessed NCF, with
Moodys underwriting hotel properties to 22% lower net cash flows than KBRA on average.
In the office space, while Moodys and Krolls assessed net cash flows are similar, Moodys
seems to apply a harsher cap rate penalty on office properties, leading to lower appraisals
than KBRA.
We should caveat that on some office properties with large single-tenant occupants,
Moodys uses a blended lit/dark analysis to come up with net cash flows but does not
report the blended cash flow in the presales. As a result, we performed this analysis using
their lit net cash flows, which could increase the attribution to cap rates. However, the
broad trends are still the same.
FIGURE 4
Conduit hotels are written above average occupancies
12mma
Occupancy
120
80%
110
75%
100
70%
90
65%
80
60%
70
55%
50%
60
45%
Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14
Industry
Luxury
All Upper
50
All mid
Source: Smith Travel, Barclays Research
21 May 2015
Economy
40
2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015
Source: Smith Travel, Trepp, Barclays Research
$96mn Ty Warner Hotels & Resorts Portfolio, the largest 2.0 loan yet, moved
to special servicer
Three loans with $105mn in balance transferred into special servicing this month (Figure 5).
The largest one is $96mn Ty Warner Hotels & Resorts Portfolio, securitized in MSC 2012-C4.
The hotel loan was transferred due to imminent-non monetary default, stemmed from its
owner, Ty Warner, who pled guilty to felony tax evasion in 2014; as a result, two of the
underlying hotels located in California had their liquor license suspended, as the state prohibits
them being held by a felon. We covered this transfer more in detail in $96mn Ty Warner Hotels
& Resorts Portfolio transferred to special serving (MSC 12-C4), May 5, 2015. The third and last
hotel had hurricane damage in 2014 and is undergoing repairs and is set to reopen in June,
according to hotels website. Despite these issues, we do not expect the loan to incur principal
losses because of a strong historical performance with a 2014 DSCR NOI at 4.26x.
The other two loans were relatively smaller. Lockport Professional Park, the Lockport, New
York, office building securitized in JPMBB 2014-C21, was transferred to special servicing due
to delinquency, despite reporting 2014 year-end DSCR NOI of 1.43x; the reason for the
delinquency is unclear. The last loan transferred into special servicing this month is Sabo
Self Storage, securitized in WFRBS 2012-C8, likely due to delinquent payment as well, as no
watchlist/special servicer commentary have been released.
FIGURE 5
Loans transferred into special servicing per May remittance
Deal
Loan
Property
type
City
State
Loan Balance
SS reason
MSC 2012-C4
LO
Various
Various
96,281,771
JPMBB 2014-C21
OF
Lockport
NY
6,825,419
WFRBS 2012-C8
SS
Houston
TX
1,919,425
21 May 2015
FIGURE 6
Newly watchlist balance by vintage
$bn
2010
2.0
2011
FIGURE 7
Newly watchlisted exposure by deal in May remittance
2012
2013
2014
2015
1.8
Deal
Newly
Number of
Watchlisted loans newly
%
watchlisted
Newly
Watchlisted
Balance
MSBAM 2013-C8
10%
119,782,570
1.4
GSMS 2013-GC14
5%
62,016,374
1.2
GSMS 2013-GC12
4%
51,347,217
1.0
COMM 2013-CCRE12
4%
48,892,307
0.8
JPMCC 2011-C5
4%
46,309,693
COMM 2014-LC15
4%
42,020,177
WFRBS 2013-C11
3%
41,568,537
GSMS 2011-GC3
3%
41,480,343
JPMCC 2010-C2
3%
38,764,165
1.6
0.6
0.4
0.2
0.0
Jan-14
May-14
Sep-14
Jan-15
May
Deal
Type
City
State
Balance
Watchlist Reason
MSBAM 2013-C8
RT
Tannersville
PA
115,000,000
Mendoza Multifamily
Portfolio
GSMS 2013-GC14
MF
Various
CA
49,473,722
COMM 2013-CCRE12
SS
Various
VR
48,892,307
JPMCC 2011-C5
MU
New York
NY
46,309,693
OF
Chicago
IL
45,440,606
WFRBS 2013-C11
LO
Various
VR
41,568,537
Gateway El Segundo
JPMCC 2010-C2
MU
El Segundo
CA
38,764,165
GSMS 2013-GC12
MU
Brooklyn
NY
36,195,348
WFRBS 2012-C7
MF
Oklahoma City
OK
32,568,262
Isola Bella
Source: Trepp, Barclays Research
Property
Type
City
State
Balance
WFRBS 2013-C14
OF
Brooklyn
NY
14,502,424
MSBAM 2014-C15
Campus Court
MF
Bloomington
IN
11,016,029
GSMS 2012-GCJ9
SS
Various
TX
9,179,842
GSMS 2013-GC12
LO
Various
VR
8,999,470
JPMCC 2014-C20
Purely Storage
SS
Various
CA
8,439,039
UBSBB 2013-C6
MF
Houston
TX
5,595,718
COMM 2014-LC17
MF
Cincinnati
OH
5,198,028
COMM 2014-CR21
LO
Brookhaven
MS
5,146,526
COMM 2014-UBS3
RT
Radcliff
KY
4,933,659
WFCM 2010-C1
Morningside Plaza
RT
Dade City
FL
3,605,329
COMM 2012-CR5
RT
New York
NY
3,408,107
COMM 2014-UBS6
MU
Brooklyn
NY
2,186,589
WFRBS 2012-C8
SS
Houston
TX
1,919,425
21 May 2015
FIGURE 10
CMBS 2.0 watchlisting % by vintage
14%
2010
2011
2012
FIGURE 11
CMBS 2.0 special servicing % by vintage
2013
2014
2010
12%
2012
2013
2014
0.7%
10%
0.6%
8%
0.5%
0.4%
6%
0.3%
4%
0.2%
2%
0.1%
0%
Dec-10
2011
0.8%
Dec-11
Dec-12
Dec-13
Dec-14
0.0%
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
The 60+ day delinquency rate for pre-2009 vintages increased slightly to 8.9% in the
May remittance as increasing payoff of 2005 vintage loans may push up pre-09
delinquencies in the coming months. The overall delinquency rate for term defaults is on
a downward trend in 2015 after staying rangebound in late 2014, while maturity
defaults continue to range around 2%.
Liquidations picked up in May as several deals had auction sales to clear out their
delinquent inventory. As a result, liquidation with losses larger than 3% surged to
$1050mn, while liquidations for losses <3% fell slightly to $571mn.
3m average severity decreased slightly in the May remittance with term defaults severity
(for losses larger than 3%) just above 60% while maturity defaults severity (for losses larger
than 3%) decreased to below 50%. The overall severity level fell below 60% this month.
Our delinquency attribution table (page 7) shows that the rate of overall changes in 60+
delinquency increased marginally in May by 0.1%. New loans transferred to 60+
delinquency added 0.5% to the balance, while liquidations of delinquent loans this
month reduced delinquencies by 0.5%.
The rate of new loans entering special servicing increased in the May remittance.
Currently measuring $1.9bn, up from last months $0.85bn.
21 May 2015
The cap rate spread and the financing spread stayed approximately unchanged on a q/q
basis, with the cap rate spread picking up slightly to 432bp, and the financing spread
measuring just above 175bp.
B notes liquidations also surged this month driven by the B-note payoff of the $85mn B
note of the Schron Industrial Portfolio with 100% loss. In total, $214.6mn B notes were
liquidated in total in Q2 2015. B note severity also trended higher to 73% as a result,
bringing the B note liquidation severity closer to the historical average.
The average overall time to liquidate, measured by time taken to roll from special
servicing to liquidations, decreased to above 27 months per May remittance following
an upward trend past two months, as auction liquidations sped up timelines.
The delinquent to current cure rate, as a percent of delinquent loans, decreased to 2.2%
in the May remittance report. The cure rate may slow as the delinquent pipeline ages
and fewer loans are modified, in resonance with the increased liquidations this month.
The current to delinquent roll rate increased slightly, to 0.5% for all vintages and to
0.7% for pre-2009 vintages.
As a result of the increase in liquidations, both ASER and accumulated interest shortfall
decreased in May remittance, while ASER % as interest shortfall increased.
The JPMCC 2008-C2 AM tranche continued to incur shortfalls this month, amounting to
$437k, increasing the accumulated interest shortfall for the tranche to just over $8mn
and several AJ tranches continue to take shortfalls. However, no new AM or AJ bonds
took shortfalls this month.
The surge in special servicing transfers was partly due to the $200mn NGC Rubicon GSA
Pool (WBCMT 05-C20/C21) and $57mn Scottsdale Plaza Resort (CB15), both moved
into special servicing this month. For more info, please see $200mn NGP Rubicon GSA
Pool (WBCMT 05-C20/C21) and $57mn Scottsdale Plaza Resort (CB15) move into
special servicing, April 29, 2015.
The $96mn Tyler Warner Hotels & Resorts Portfolio also transferred into special
servicing this month (CMBS: 2.0 $96mn Ty Warner Hotels & Resorts Portfolio transferred
to special serving (MSC 12-C4), May 5, 2015), representing the largest CMBS 2.0
transfer to date.
The $76.6mn Gallery at Cocowalk has been sold for $87.5mn according to CREDirect.
The loan was last modified in 2010 through a rate reduction and hope note
modification, which reduced the rate to 5% and modified the hope note with an A-note
carrying a balance of $48.73mn and B-note $27.92mn ($48.7mn/$27.9mn AB modified
Gallery at Cocowalk sold for $87.5mn; hope note likely to see near full recovery (GSMS
2006-GG8), May 8, 2015).
The surge in B note severity and liquidations was partly due to GCCFC 2007-GG9, which
received a wave of cash flows and realized losses according to May remittance after
seven loans with $242mn were liquidated, the $200mn A note/$85mn B note Schron
Industrial Portfolio paid off with 100% loss to the B note, and an $18mn loan prepaid
with yield maintenance (GG9 sees $242mn liquidated at 57% severity and no B-note
recoveries for Schron Industrial Portfolio payoff ($220mn/$85mn), May 12, 2015).
Lastly, May remittance indicates that the loan backed by The Mill, a Greenwich,
Connecticut, office building, moved into special servicing. The $38.95mn loan,
representing 1.21% of JPMCC 2007-LD11 was transferred for imminent default,
according to special servicer CWCapital, and the borrower is requesting a modification
($39mn The Mill moves into special servicing as Connecticut offices continue to struggle
(LD11), May 15, 2015).
21 May 2015
400
5/21
Avg.
High
Low
350
AAA LCF
96
97
105
92
300
AM
156
155
165
142
AJ
508
506
521
488
AAA LCF
88
89
97
83
AM
AJ
116
297
0
0
115
297
125
307
102
282
AAA LCF
95
96
104
88
AM
90
154
0
0
90
155
97
162
72
137
2007
Category
2005
2006
6-month
1 wk
chg
AJ
250
200
150
100
50
0
5yr
AAA LCF
AM
AA
BBB-
6-month
Rating
5/21
1-wk. chg.
Avg.
High
Low
Rating
5/21
1-wk. chg.
Avg.
High
Low
2015 5y
2015 LCF
2015 AS
2015 AA
2015 A
2015 BBB-
57
86
121
153
207
338
0
0
0
0
0
0
59
87
119
154
205
340
66
94
124
165
215
354
53
82
111
146
193
328
2013 5y
2013 LCF
2013 AS
2013 AA
2013 A
2013 BBB-
53
77
109
127
183
311
0
0
0
0
0
0
55
79
109
130
185
315
62
86
116
142
198
332
49
73
103
120
176
301
2014 5y
2014 LCF
2014 AS
2014 AA
2014 A
2014 BBB-
57
85
117
148
195
333
0
0
0
0
0
0
59
86
116
151
198
337
66
94
124
165
212
354
53
81
111
141
188
323
2012 5y
2012 LCF
2012 AS
2012 AA
2012 A
2012 BBB-
46
71
98
120
173
266
0
0
0
0
0
0
48
73
98
122
174
269
55
80
105
133
186
283
42
67
92
113
166
258
Fixed-rate ABS
Libor
OAS
20-May
13-May
5y
49
49
50
10y
80
80
81
6-mo. avg.
Avg.
life
Spread
(Libor)
20-May
5 yr.
57
Credit
13-May
0
6-mo.
avg.
2
MBS
20-May
13-May
6-mo.
avg.
Credit index
136
16
16
16
Industrials
140
12
12
12
Financials
144
CDX.IG.OTR*
122
Current Coupon
OAD
Libor
OAS
20-May
13-May
6-mo.
avg.
6.9
30
27
27
29
Note: *Protection Premium. Agency, ABS, and MBS are compared against similar-term CMBS 2.0 spreads. Source for all tables on this page: Trepp, Barclays Research
21 May 2015
10
AGENCY CMBS
Agency CMBS spreads are now available on Barclays Live, Keyword Chart.
Agency CMBS Spreads
160
Category
Bond
5/21
1 wk chg
4 wk chg
140
5yr A1
7yr A2
10yr A2
IO (X1)
B
30
34
45
140
155
0
2
0
0
0
1
2
1
5
15
120
210
15
DUS
55
-1
-5
Fannie
DUS
Freddie K series
100
80
60
40
20
3yr
90
-5
5yr
125
-10
-25
10yr
130
10
Z
IO
125
195
0
0
10
20
0
Dec-11
Jul-12
Spread
Libor
OAS
5y PAC
75
25
7y PAC
80
30
10y PAC
85
35
10
15
RMBS
5/21
5
5/14
10
RMBS
10yr PAC
Spread
Libor
OAS
85
35
5/21
20
5/14
26
RMBS
Spread
Libor
OAS
3yr SEQ
60
-1
5/21
91
5/14
86
5yr SEQ
70
120
130
10yr SEQ
80
10
120
115
110
40
85
90
Note: *GNR spreads assume 15 CPJ pricing convention. Closest available term agency PAC/spread used for comparison.
Source for all tables on this page: Barclays Research
21 May 2015
11
CMBX.1-5
6-month
6-month
Rating
AAA.8
AS.8
AA.8
A.8
BBB-.8
BB.8
5/20
92
119
159
216
358
575
1-wk. chg.
0
1
0
0
-1
-1
Avg.
91
118
157
215
358
578
High
93
120
159
217
362
584
Low
90
116
155
212
355
574
AAA.7
AS.7
AA.7
A.7
BBB-.7
BB.7
79
107
145
195
310
513
-1
-1
-1
-2
0
0
85
115
148
194
317
518
99
134
175
228
363
585
78
100
140
182
299
487
AAA.6
AS.6
AA.6
A.6
BBB-.6
BB.6
68
97
133
179
280
483
-1
-1
1
-1
0
0
75
107
137
182
286
484
89
126
164
220
336
544
67
96
129
171
269
455
Rating
AAA.5
AM.5
AJ.5
AAA.4
AM.4
AJ.4
5/20
58
196
842
47
157
1033
1-wk. chg.
0
1
6
0
-1
5
Avg.
63
217
802
52
186
946
High
79
242
865
82
245
1033
Low
53
190
707
42
152
799
AAA.3
34
44
75
31
AM.3
AJ.3
AAA.2
AM.2
AJ.2
AAA.1
AM.1
AJ.1
134
1238
30
89
822
26
50
366
-1
8
-2
-1
16
-2
-4
-1
168
1102
39
109
672
34
69
329
240
1238
81
154
822
87
121
390
132
943
24
76
539
16
39
251
5/15/15
5/8/15
Avg.
High
Low
2422
-3
249
-89
200
-76
2483
-4
239
-89
144
-76
1470
-35
193
49
51
-209
2734
63
289
205
200
-66
-271
-114
77
-89
-57
-397
AAA.6
AS.6
AA.6
A.6
BBB-.6
BB.6
572
-21
294
134
276
246
710
-1
284
124
311
262
1028
-201
178
-3
162
157
1796
4
315
134
420
404
140
-378
-3
-137
-94
16
AAA.7
AS.7
AA.7
A.7
BBB-.7
BB.7
2126
-11
19
-125
542
35
1965
-11
-1
-58
557
30
1166
-27
-1
-113
397
65
2126
45
128
-16
666
208
-151
-117
-141
-264
66
-126
AAA.8
AS.8
AA.8
A.8
BBB-.8
BB.8
626
0
35
12
-114
-11
426
20
35
-4
-100
4
284
4
25
13
-49
-10
626
20
35
41
15
4
137
0
0
-4
-114
-26
AAA. 1-5
AAA. 6
2.5
AAA. 7
AAA.8
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15
21 May 2015
12
5/15 - 5/21
6m Average
5,561,182,600
5,906,839,300
5,143,520,057
5,334,842,101
5,727,738,614
5,073,976,888
2,576,712,300
2,826,890,000
2,186,439,204
2,703,412,000
2,755,329,200
2,534,544,443
126,699,700
-71,560,800
348,105,239
54%
67%
61%
Avg IG Price
103.6
103.2
103.2
3,106,763,700
3,069,547,400
4,605,906,882
79,257,077
196,883,955
229,415,797
1,060,506,100
807,837,900
1,087,009,132
1,872,807,900
752,116,000
1,604,449,007
812,301,800
-55,721,900
517,439,875
CMBS 2.0
Time Period
Notnl.
($mn)
Snr.
AM
AJ
Mezz.
AAA/AJ
Mezz.
Single
Borrower
Agency
Others
May 14 - May 21
Weekly avg. (6-mo.)
1,540
1,262
18
24
3
5
3
5
6
10
19
22
7
5
11
8
31
21
2
2
Notional ($mn)
Money Mgr.
Ins. Co.
Hedge
Other
May 14 - May 21
1,540
56
12
11
20
1,262
58
13
13
19
Note: This represents all the CMBS bid lists that Barclays saw in the past week, not necessarily all securities traded. Source for all tables on this page: Barclays Research
21 May 2015
13
Conduit
Floating-Rate
Fusion
SingleBorrower
REO Rental
Agency
Seasoned/
Subordinate
Liquidation
Vehicle
Total
2015 Cum.*
January
$3,765
$466
$900
$1,100
$4,691
$0
$0
$10,921
$10,921
February
$5,029
$346
$6,569
$553
$5,308
$0
$0
$17,805
$28,727
March
$4,387
$545
$4,963
$637
$3,676
$0
$113
$14,320
$43,047
April
$4,324
$0
$3,972
$381
$5,376
$210
$0
$14,261
$57,308
May
$5,459
$181
$1,391
$0
$4,639
$0
$0
$11,670
$68,978
2015 Total
$22,964
$1,538
$17,794
$2,670
$23,690
$210
$113
$68,978
2014 Total
2013 Total
$57,128
$53,074
$7,525
$1,464
$24,485
$24,538
$5,627
$479
$53,547
$66,381
$278
$343
$873
$757
$149,464
$147,037
2012 Total
$32,165
$1,560
$9,839
$0
$52,421
$0
$668
$96,653
2011 Total
$25,067
$1,403
$2,676
$0
$35,088
$0
$0
$64,234
2010 Total
$6,918
$0
$6,939
$0
$26,757
$1,021
$0
$41,635
2009 Total
$0
$0
$2,089
$0
$8,055
$0
$0
$10,223
2008 Total
$10,708
$1,438
$0
$0
$3,674
$0
$0
$15,398
2007 Total
$189,298
$20,865
$13,548
$0
$3,166
$4,122
$0
$233,365
2006 Total
$162,813
$27,128
$10,857
N/A
$7,452
$860
$0
$209,111
2005 Total
$136,224
$19,688
$11,170
N/A
$4,625
$2,088
$0
$173,794
2004 Total
$74,064
$13,093
$5,672
N/A
$6,220
$285
$0
$99,334
2003 Total
$52,885
$14,551
$7,776
N/A
$8,347
$2,637
N/A
$86,195.2
June
July
August
September
October
November
December
100
$bn
14
12
80
10
60
40
6
4
20
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Note: Cumulative only includes conduit, single-borrower, and floating-rate issuance. Source: Commercial Mortgage Alert, Barclays Research
21 May 2015
14
RESEARCH CATALOG
Please see Barclays Live, keyword= CMBSPUB for the complete list of past publications
Outlooks and Primers
4/17/15
3/13/15
1/21/15
10/22/14
10/10/14
9/5/14
8/25/14
7/18/14
6/27/14
6/20/14
5/30/14
5/23/14
5/9/14
4/25/14
4/21/14
4/11/14
4/4/14
3/21/14
3/17/14
21 May 2015
10/22/14
5/15
5/12
5/5
4/29
4/17
4/16
4/15
4/14
4/13
4/13
4/10
4/1
3/26
3/25
3/18
3/18
3/17
3/12
3/12
3/12
3/10
3/6
2/18
2/18
2/12
2/11
2/10
2/4
2/3
15
Sandeep Bordia
Head of Securitized Products
Research
+1 212 412 2099
sandeep.bordia@barclays.com
BCI, US
Jasraj P. Vaidya
Head of US Residential
Credit/CMBS Strategy
+1 212 412 2265
jasraj.vaidya@barclays.com
BCI, US
Sandipan Deb
Agency MBS Strategy
+1 212 412 2099
sandipan.deb@barclays.com
BCI, US
Aaron Haan
US Residential Credit/CMBS
Strategy
+1 212 412 2099
aaron.haan@barclays.com
BCI, US
Anuj Jain
Agency MBS Strategy
+1 212 412 2099
anuj.x.jain@barclays.com
BCI, US
Dennis Lee
Esoterics/Consumer ABS
Research/Agency MBS Strategy
+1 212 412 2099
dennis.lee2@barclays.com
BCI, US
Leo Wang
Agency MBS Strategy
+1 212 412 7571
leo.wang@barclays.com
BCI, US
Mengbai Wang
CMBS Strategy
+1 212 412 2099
mengbai.wang@barclays.com
BCI, US
21 May 2015
16
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