JP Morgan and Barclays have priced $1.2 billion of commercial mortgage-backed securities via the conduit JPMBB 2014-C25.
Moody’s Investors Service, Fitch Ratings and DBRS are rating the deal.
The super-senior, A5 notes with 30% credit enhancement priced at swaps plus 86 basis points. That tranche was triple-A-rated and matures in ten years.
Its pricing was identical to the triple-A-rated, 10-year super senior issued last week from WFRBS Commercial Mortgage Trust 2014-C24.
The senior, 10-year class AS notes of JPMBB 2014-C25 priced at swaps plus 125 basis points. With 22.375% credit enhancement, that tranche was rated triple-A.
At the junior level, the 10-year, double-A-rated notes priced at swaps plus 153 basis points and the single-A-rated class C notes priced at swaps plus 200 basis points. The notes priced up to ten basis points wider than the junior 10-year notes issued from the conduit last week.
A pool of 65 commercial mortgage loans secured by 157 properties backs the deal. Office properties represent the highest concentration of the pool at 39.9% and retail properties account for 26.7%.
Fitch noted in the presale report that the pool’s weighted average LTV of 103.7% is slightly better than the 1H 2014 average of 105.6%.
Seven loans in the pool pay only interest for their entire loan term and 31 loans pay only interest for some of their terms. The pool will amortize by 10.6%, which is less than other recent transactions, according to Fitch.
The loan sellers include JP Morgan Chase Bank, Ladder Capital Finance, Barclays Bank, Starwood Mortgage Funding Redwood Commercial Mortgage and Column Financial.
