Bank of America Merrill Lynch and Morgan Stanley have priced an $873 million commercial mortgage-backed security, according to an SEC filing.
The deal, Morgan Stanley BofA Merilly Lynch Series 2013-C13, was made up nine tranches. CIBC acted as co-manager.
The largest, for $274 million, was rated triple A by Fitch Ratings, Kroll Bond Ratings, and Moody’s Investors Service. That piece had an weighted average life (WAL) of 9.87 years and priced to yield 3.6863%. The next biggest tranche, for $220 million, was likewise triple-A by all three agencies. That tranche had a WAL of 9.81 years and came out with a 3.6546% yield.
Among the non-triple A pieces was a B’ class of notes for nearly $56 million. The ratings on that piece were AA-(sf)/AA(sf)/Aa3(sf)’ from Fitch, Kroll and Moody’s, respectively. With a WAL of 9.91 years, that tranche priced to yield 4.4629%.
A C piece for almost $44.8 million, with a WAL of 9.91 years, yielded 5.0529%. Fitch and Kroll rated it A minus, Moody’s A3(sf).’