CNH to Issue Equipment ABS
CNH Capital America filed with the Securities and Exchange Commission today to issue under its CNH Equipment Trust 2012-D.
The primary assets of the trust will comprise fixed-rate retail installment sale contracts and retail installment loans backed by agricultural or construction equipment, the filing said.
The joint bookrunners of the class A and class B notes are Citigroup Global Markets, Deutsche Bank Securities and RBC Capital Markets.
Meanwhile, co-managers of the class A notes are Credit Agricole Securities and Royal Bank of Scotland (RBS).
Bank of America Merrill Lynch, Goldman Sachs and RBS are the underwriters on the offering.
As usual CMBS is also seeing some activity with another transaction called GS Mortgage Securities Trust 2012-GCJ9 comprising $1.08 billion of offered certificates.
The bookrunners and co-lead managers on the transaction are Goldman Sachs, Jefferies & Co. and Citigroup.
The deal's initial pool balance is $1.4 billion, according to an SEC filing for the offering.
The mortgage pool comprises 74 fixed-rate commercial mortgage loans that have an aggregate cut-off date balance of $1.4 billion, an average mortgage loan cut-off date balance of $18 million and are backed by 135 mortgaged properties throughout 28 U.S. states.
The pool's weighted average LTV is 61.9% and its weighted average debt service coverage ratio is 1.66x, the filing stated.
In a short emailed note today, Standard & Poor's analysts said that the growing supply is a moderate negative for CMBS new-issue credit. Two new deals in the pipeline for next week will bring year-to-date issuance to roughly $40 billion.
Aside from the Goldman/Jefferies/Citi conduit mentioned above, there is a $568 million General Growth Properties (GGP)-sponsored issue called BB-UBS 2012-TFT backed by three malls.
Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to the 2012-TFT offering. The offering is a large loan CMBS backed by three first mortgage loans with a combined principal balance of $552.9 million jointly originated by Barclays Bank and UBS Real Estate Securities.
The loans, which are not cross-collateralized or cross-defaulted, are each backed by a super-regional mall that are owned and operated by GGP, Kroll said.
The biggest of the three loans has a balance of $205.5 million and is secured by a first mortgage lien on the borrower’s fee and leasehold interests in 667,561 square feet of the Tucson Mall, which is a 1.3 million square feet property in Tucson, Arizona, the rating agency said.
Meanwhile, the second largest loan has a balance of $202.0 million and is secured by a first mortgage lien on the borrower’s fee and leasehold interest in 421,206 square feet of Fashion Place, which is a 1.0 million sf property in Murray, Utah, Kroll reported.
The final loan that serves as trust collateral has a balance of $145.4 million and is secured by first mortgage lien on the borrower’s fee and leasehold interests in 416,516 million square feet of the Town East Mall, which is a 1.2 million sf property Mesquite, Texas.
Kroll has also assigned preliminary ratings to RCMC 2012-CREL1, which is a $291.1 million CMBS backed by 30 subordinate commercial real estate assets that have 76 underlying properties.
The transaction is a fully ramped, static transaction, Kroll said in its presale report on the deal published this afternoon.
The pool comprises 30 CRE assets including 24 mezzanine loans (87.9%), four preferred equity interests (6.8%), one CMBS rake certificate (3.4%), and one B-note (1.9%). Kroll noted that the mezzanine loans include two junior mezzanine mortgages (11.6% of the pool) and one pari-passu participation in a mezzanine loan (4.3%).
Kroll said that the top five assets are all mezzanine loans, including Plaza Mexico (9.0%), 55 West Monroe (7.4%), Gansevoort Park Hotel (6.9%), Wyvernwood Apartments (6.6%) and Sun Development Portfolio (6.1%), Kroll reported
The top five assets also make up 36.0% of the initial pool balance, and the top ten represent 57.4%. The 76 underlying properties are in 18 U.S. states, The to three biggest state concentrations are New York (23.7%), California (21.6%), and Illinois (11.5%). The pool has exposure to four property types with concentrations of over 10%. These are: multifamily (27.9%), office (26.1%), hospitality (19.9%) and retail (15.7%), Kroll stated.
Redwood Trust also has a $172 million static cash flow commercial real estate CLO from its wholly owned subsidiary Redwood Commercial Mortgage Corp.
The deal, called RCMC 2012-CREL 1, is backed by 30 collateral interests primarily in the form of mezzanine debt, preferred equity interests, and B-notes, according to a Moody's.
The underlying collateral pool is anticipated to be fully ramped as of the closing date with a par amount of roughly $291 million and a weighted average coupon of 10.2%, the rating agency said.