Credit Suisse and UBS paid up on the latest offering of commercial mortgage bonds from their CSAIL platform.
The 10-year, super senior class A4 notes issued by CSAIL 2015-C3 conduit paid 107 basis points over interpolated swaps, according to a regulatory filing.
That's five basis points wide of the comparable tranche of Wells Fargo’s Commercial Mortgage Trust 2015-C30, which was completed on July 29.
The super senior notes of CSAIL 2015-C3s benefit from 30% credit enhancement and are rated triple-A by four ratings agencies: Moody’s Investor Service, Fitch Ratings, Kroll Bond Ratings and Morningstar.
Further down the capital stack, the class B notes, rated triple-B by Fitch, Kroll and Mornignstar, pay 390 basis points over interpolated swaps. Moody’s did not rate the subordinate notes.
The collateral pool is comprised of 89 fixed-rate commercial mortgages secured by 168 properties. Retail properties have the biggest showing at 32.3% of the pool; and lodging properties come in second representing 23.7% of the pool.
The largest loan is sized at $130 million and is secured by Charles River Plaza North, a 354,594 sqaure foot, Class-A, single tenant medical office and laboratory complex located in the Beacon Hill section of the Boston central business district.
The top five loans also include Starwood Capital’s Extended Stay Portfolio (2nd largest, 7.4%), The Mall of New Hampshire (3rd largest, 7.0%), Westfield Wheaton (4th largest, 6.8%), and Arizona Grand Report & Spa (5th largest, 3.5%).
Pricing on CMBS deals has widened this summer on the back of a heavy supply calendar. According to figures reported by Bank of America Merrill Lynch on Friday, private label CMBS issuance so far this year is 24% ahead of last year’s amount at $65.76 billion; that compared with $53 billion issued at the same point in 2014.
The analysts expect supply to remain heavy in September, with at least another $10 billion to 12 billion on the way.