CMBS Lull Ends As 3 Deals Totaling $3.5B Price

Three commercial mortgage securitizations totaling $3.5 billion priced this week, ending a lull in issuance that began at the end of March.

JPMorgan and Barclays priced the $1.4 billion of commercial mortgage bonds, according to a prcing term sheet. The deal, JPMBB 2014-C19, is collateralized by 61 commercial mortgage loans that are secured by 100 properties.

At the super senior level, the 10-year class A-4 notes priced at swaps plus 87 basis points. The subordinate, 10-year triple-A notes priced at swaps plus 110 basis points.

Further down the credit curve the 10-year, class B and C notes priced at swaps plus 125 basis points and swaps plus 180 basis points, respectively.

Wells Fargo and RBS also priced a $1.3 billion deall, WFRBS 2014-C20, at similar levels, according to a pricing term sheet. The super-senior 10-year notes priced at swaps 87 basis points and the subordinate, 10-year triple-A notes at swaps plus 105 basis points. 

The 10-year, class B and C notes priced at swaps plus 125 basis points and swaps plus 175 basis points, respectively.

The conduit transaction is collateralized by 98 fixed rate commercial mortgage loans that are, in turn, secured by 142 properties.

Deutsche Bank, Cantor and Jefferies priced a third deal, the $1.2 billion COMM 2014-CCRE17, at similar levels. The super-senior, 10-year notes yield 86 basis points over swaps and the subordinate, 10-year, triple-A notes priced at swaps plus 105 basis points, according to Standard & Poor's.

The conduit is backed by 59 commercial mortgage loans that are secured by 86 properties,

All three deals priced the class B and C notes 10 to 20 basis points tighter than the most recent commercial mortgage securitization, which priced in late March. That deal, led by Deutsche Bank and Cantor, COMM 2014-CCRE16 CMBS, featured 10-year class B notes that priced at swaps plus 145 basis points. The 10-year, class C notes priced at swaps plus 190 basis points.