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November 17, 2017  

Spread Widens on Prepayable CMBS

Buy-side tolerance for prepayment risk turned out to be lower than Goldman Sachs expected this week, forcing the dealer to drop its asking price on a unique class of bonds in its latest conduit offering.The super-senior bonds in Goldman’s $1 billion issue (GSMS 2017-GS8) included a $10 million tranche whose cashflows are tied to part of a retail loan that can be paid off early without penalty. While it isn’t unheard-of for commercial...

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