Goldman Sachs and Citigroup priced $925 million of commercial mortgage backed securities on Monday, according to a deal document.
The super senior 10-year A5 tranche of GSMS 2014-GC24, rated Aaa/ AAA/ AAA by Moody's Investors Service, Kroll Bond Rating Agency, and Morningstar, priced at swaps plus 87 basis points. That was in line with similar tranches of the last two CMBS conduits to price last week. The 10-year, super senior class A4 notes of COMM 2014-UBS5 were sold at a spread of swaps plus 88 basis points, and WFRBS 2014-C22 had a super senior 10-year tranche that priced at 84 nasis points.
GSMS 2014-GC24's 10-year senior AS tranche, which is also rated Aaa/ AAA/ AAA, priced at swaps plus 110 basis points, several basis points tighter than the last two deals to price. COMM 2014-UBS5, for example, priced the 10-year AS senior tranche at swaps plus 123 basis points and WFRBS 2014-C22 priced a similar tranche at swaps plus 115 basis points. However the deals last week were unique in that the senior tranches were split rated; Moody’s rated the senior tranche of both deals Aa1’.
Further down the capital stack, the 10-year, Aa3’/ AA-’/ AA-’ class B notes priced at swaps plus 150 basis points and the 10-year, A3’/ A’/ A’, class C note priced at swaps plus 195 basis points.
The 10-year class B notes, rated Aa3’/ AA’/’AA’, priced at swaps plus 155 basis points. The A3’/ A’/ A-’ rated, 10-year class C notes priced at swaps plus 200 basis points. WFRBS 2014-C22 deal sold the AA- and A- bonds priced at swaps plus 145 basis points and 190 basis points, respectively.