The bond sale that may solve a US$566b problem
It's the first to comply with new rules regarding commercial mortgage-backed securities
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New York
AN upcoming bond sale could determine whether Wall Street banks stay in the US$566 billion business of packaging commercial mortgages into securities.
The nearly US$871 million issue, from Wells Fargo & Co, Bank of America Corp, and Morgan Stanley, would be the first to comply with new rules designed to make commercial mortgage- backed securities safer for investors. The deal is slated to be sold as soon as this week.
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