How do B-Piece Buyers Operate?
When a group is looking at buying the b-piece of a CMBS issuance, what information do you receive? How do you analyze whether to buy? What is considered a good yield? What are reasonable discounts to par to buy the bonds? How do you view the different types of risk retention (vertical, horizontal, L) when buying the b-piece? How does the analysis compare to CMBS loan origination, balance sheet lending, or debt fund lending?
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