Citigroup and Goldman Sachs plan to issue $989.54 million of commercial mortgage backed securities; the deal is expected to price the week of Sept. 16th.

Drexel Hamilton and RBS Securities are co-managers on the conduit, which is called CGCMT 2013-GC15

Moody’s Investors Service, Fitch Ratings and DBRS have both assigned preliminary ratings to the deal.

The structure will offer $57.35 million of triple-A rated class A-1 notes with a weighted average life of 2.55-years; $236.85 million, triple-A rated, 4.90-years, class A-2 notes; $150 million, triple-A , 9.81-years, class A-3 notes; and $264 million, triple-A rated, 9.89-years, class A-4  notes. These tranches are structured with 30% credit enhancement.

The $72.2 million class A-AB notes are structured with a weighted average life of 7.42-years and are rated triple-A; and the $94.79 million, class A-S notes are structured with 9.94-years weighted average life and  are also rated triple-A. These triple-A notes are structured with 21.25% credit enhancement.

Also on offer will be a $54.36 million, ‘Aa2’/’AA-‘/ ’AA’ class B tranche that has a weighted average life of 9.94 years; a $55.75 million class C tranches with a weighted average life of 9.94 that has been rated ‘A3’/ ‘A-’/ ‘A’.

According to the Fitch presale report the conduit has one of the “more diversified pools, by loan size and exposure, since 2008.” The top 10 loans represent 38.1% of the pool, well below the 54.3% average for Fitch-rated transactions from 2012 through June 2013.

Retail properties represent the highest concentration of the pool at 32.4%; mixed-use properties are the second highest at 15.9%.


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