Citigroup plans to bring a $1.2 billion conduit CMBS deal called Citigroup Commercial Mortgage Trust 2013-GCJ11,
The deal is backed by a pool of 72 commercial mortgages secured by 137 properties, according to Fitch Ratings.
Fitch has assigned preliminary ratings to the deal which will investors six tranches of ‘AAA’ rated notes. The issuer has structured super-senior ‘AAAsf’ classes at 30% credit enhancement and a subordinate ‘AAAsf’ rated class A-S with 21.375% credit enhancement. The capital structure will also include notes ranging down to ‘B’ and up to ‘A-’.
Fitch said in the presale report that the assets are some of the most diverse in conduit pools by loan size and exposure since 2008. The top 10 loans represent 46.1% of the pool, lower than the 2012 average concentration of 54.2%. Sponsors of these loans include Citigroup Global Markets Realty, Jeffries LoanCore, Archetype Mortgage Capital and Goldman Sachs.
