CMBS Conduit Pipeline Clears DB/Cantor Deal

Deutsche Bank and Cantor Fitzgerald priced the COMM 2013-CCRE13 conduit deal within  priced guidance issued on the notes late last week, according to a pricing term sheet filed with the US Securities and Exchange Commission.

The 9.87-year and the 9.89-year triple-A notes with 20% credit enhancement were priced at 91 basis over swaps and 93 basis points over swaps respectively.

The 2.80-year, triple-A notes priced at 55 basis points over swaps; the five-year, triple-A notes priced at 80 basis points; the 7.5-year, triple-A notes priced at 82 basis points.

The 10-year, double-A notes priced at 165 basis points over swaps and the 10-year, single-A notes priced at 230 basis points.

Guidance on Wells Fargo, RBS conduit WFRBS 2013-C18, 10-year, triple-A rated, super senior notes is at 93 basis points over swaps and the ten-year, triple-A, AS notes is at 115 basis points over swaps.  

Standard & Poor’s reported that guidance for JPMBB 2013-C17, super senior, A-4 class guidance was also at  93bp over swaps, while the A-S class was at 115 basis points.  “Stable pricing for conduit transactions should support loan origination and issuance going into Q1 2014, in our opinion,” said S&P.  

The ratings agency said that 2013 conduit issuance will total about $53 billion across 45 deals when the pipeline clears.