Morgan Stanley and Bear Stearns Cos. have sold the year's first commercial mortgage-backed security with yield spreads at the widest ever. "This is the first deal of the year, and clearly it is unusual to have it come in mid-February," said Kara McShane, a managing director who runs CMBS syndicate at Morgan Stanley. "A year ago, we would have probably done two deals by now, and other dealers would have done a few as well."

Full Story:

Related Summaries