Deutsche Bank and Cantor priced their $1 billion CMBS conduit COMM2014 CCRE15 on Monday at wider levels than the previous deal to come to market, according to a prcing term sheet filed with the Securities and Exchange Commission.
Collateral for the deal, called COMM 2014-CCRE 15, consists of 49 fixed-rate mortgages secured by 64 properties. The largest loan in the pool is secured by two neighboring office buildings in Sunnyvale, California occupied by Amazon.com and Google.
Several of the shorter dated super-senior tranches and class A-M priced 5 to 8 basis points wide of initial guidance, according to Standard & Poor's. The super-senior, 9.89-year, triple-A’s priced at swaps plus 95 basis points. The 9.89-year, triple-A’s with 24.625% credit enhancement priced at 130 basis points. Further down the curve, the double-A rated, 9.89-year, class B notes priced at swaps plus 180 basis points and the single-A rated, 9.89-year class C notes priced at swaps plus 225 basis points.
By comparison WFRBS Commercial Mortgage Trust which priced last week, priced its shorter dated super senior notes up to ten basis points tighter than COMM 2014-CCRE 15. The super senior 9.89-year notes however priced at 95 basis points. MSBAM 2014-C14, which was launched on Jan. 31, priced the super senior notes at swaps plus 87 basis points. The triple-A, 9.85-year tranche structured with lower credit enhancement, priced at swaps plus 89 basis points.
Kroll Bond Ratings rated the DB,Cantor conduit and noted in the presale report last week that the deal’s in-trust loan-to-value ratio of 101.9% is the highest among the 15 deals the agency has rated in the six months through January.