A nearly $998-million bundle of commercial mortgage-backed securities priced recently, according to a Friday filing with the Securities and Exchange Commission.
Split into eight tranches, the transaction had three joint bookrunners: Goldman, Sachs & Co., Citigroup Global Markets, and Jefferies. Drexel Hamilton and RBS Securities acted as co-managers.
The results (below) were wide of recent price talk on the deal.
Pricing on each tranche was as follows. The spread is over swaps.
Class Size($m) Coupon Spread Yield $Px
A-1 52.945 1.270 S+65 1.262 99.99763A-2 231.715 3.033 S+90 2.372 102.99882A-3 105.000 4.244 S+106 3.895 102.99380A-4 326.509 4.272 S+108 3.924 102.99911A-AB 77.672 3.814 S+103 3.365 102.99940A-S 92.142 4.653 S+145 4.306 102.99667B 72.296 5.161 S+195 4.815 102.99332C 39.693 5.323 S+255 5.415 100.22265More details on each tranche below.Class Moody's/DBRS/KBRA WAL(yr)* C/E**
A-1 Aaa(sf)/AAA(sf)/AAA(sf) 2.65 30.000% A-2 Aaa(sf)/AAA(sf)/AAA(sf) 4.85 30.000% A-3 Aaa(sf)/AAA(sf)/AAA(sf) 9.81 30.000% A-4 Aaa(sf)/AAA(sf)/AAA(sf) 9.86 30.000% A-AB Aaa(sf)/AAA(sf)/AAA(sf) 7.44 30.000% A-S Aaa(sf)/AAA(sf)/AAA(sf) 9.92 21.875% B Aa3(sf)/AA(low)(sf)/AA-(sf) 9.97 15.500% C A3(sf)/A(low)(sf)/A-(sf) 9.97 12.000% *Weighted average life