Cmbs new issuance
Know cmbs is pretty competitive right now and there’s a lot more sasb but it’s pretty out of my wheelhouse. I was presented a new issuance opportunity at a ratings agency, can anyone provide insight or general thoughts?
Know cmbs is pretty competitive right now and there’s a lot more sasb but it’s pretty out of my wheelhouse. I was presented a new issuance opportunity at a ratings agency, can anyone provide insight or general thoughts?
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Monkeydawg, bummer your thread hasn't had a response yet. Sometimes bots are smarter than humans anyways:
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Fingers crossed that one of those helps you.
Try going to some of their websites and looking at presale reports for recent cmbs deals and their published methodologies and see if that looks interesting. you are basically reviewing tons of data/weighted averages on a pool of loans (conduit), stressing cash flows and cap rates for the properties and getting to a pool level expected loss and rating bond tranches based on the results, with more focus on the largest loans in the pool. Each of the RAs goes about it slightly differently. The SASB is more similar to lender underwriting.
I think there are other posts about the day to day of the RAs on the site.
Thanks!
If you're keen on getting access to top notch opportunities down the line, definitely try to stay away from CRAs in CMBS. Awfully low pay, utterly hard to pivot out
You don’t think pivoting to cmbs originations is feasible?
Doable, but tons of obstacles e.g. which agency, what school etc.. Major major uphill battle. Could take you years to make the transition, especially if aiming for top bank or top debt fund. Besides, pay is roughly half or less than banks, no bonus and no YoY pay increase.
Avoid if possible.
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