So much for CMBS issuance slowing down after Thanksgiving.

Two new conduits, one from J.P. Morgan and one from Morgan Stanley and Bank of America, totaling nearly $2 billion launched on Tuesday. They followed a $900 million deal from Citigroup on Monday.

Tuesday’s deals are both characterized by relatively low leverage, by recent standards, and both rely on a few, high-quality loans to reduce the overall leverage in their collateral pools, a process known as credit barbelling. In fact, both have a portion of the same loan, on a luxury hotel in Hawaii, as their top loan.

The $997.6 million JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 has  DSCR  and LTV, as measured by Fitch,  of  1.28x  and  99.4%,  respectively. That’s  better  than  the  YTD  2016  average  Fitch  DSCR  and  Fitch  LTV of 1.20x and 105.6%, respectively

Three loans representing 21.8% of the pool have investment-grade credit opinions. Hilton Hawaiian Village (9.4%), the largest loan in the pool, has  an  investment-grade  credit  opinion  of  triple-B minus  on  a  stand-alone  basis;  9  West  57th  (6.3%)  has  an  investment-grade  credit  opinion  of  triple-A  on  a  stand-alone  basis; and  Moffett  Gateway (6.0%) has an investment-grade credit opinion of triple-B-minus on a stand-alone basis.

The loans were originated by JPMorgan Chase Bank, Starwood Mortgage Capital, Benefit Street Partners, and Ladder Capital Finance.                                                                                                                                                                                                                   The $906 million Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 a SCR and LTV, as measured by Fitch, of 1.21x  and 103.1%, respectivel.

Two  loans,  representing  12.7%  of  the  pool  have  investment-grade credit opinions. Hilton Hawaiian Village (6.9%), the largest loan in the pool, has  an  investment-grade  credit  opinion  of  ‘BBB–sf’*  on  a  stand-alone  basis.  Potomac  Mills  (5.7%)  has  an  investment-grade  credit  opinion  of  ‘BBBsf’*  on  a  stand-alone  basis.  The two investment-grade credit opinion loans have a weighted average Fitch DSCR and Fitch LTV of 1.55x and 62.1%, respectively

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