JPMorgan Chase is in the market with its JPMorgan Chase Commercial Mortgage Securities Corp. Trust Series 2010-C2. The $1.1 billion deal is managed by JPMorgan Securities.
According to a Fitch Ratings presale report, that the certificates, which follow a sequential-pay structure, represent the beneficial interests in a pool of 30 commercial mortgages that are backed by 47 properties.
Compared with recent deals, the pool benefits from a bigger percentage of low leveraged loans in primary markets versus the JPMCC 2010-C1 deal issued in June 2010. But, Fitch said that this benefit is offset by a higher concentration of larger loans.
Fitch's presale report said that the largest loan comprises 15.8% of the pool; the largest three loans, 39.1%; the largest 10 loans, 74.5%; and the largest 15 loans, 84.9%.
The Fitch loan concentration index or LCI is 762, which is around 58% higher versus the LCI in the JPMCC 2010-C1 deal.
The rating agency said that the actual credit enhancement for ‘AAAsf’ and ‘AAsf’ rated classes exceed the rating agency's modeled credit enhancement, which are 15.50% and 13.375%, respectively. The remainder of the capital structure, according to Fitch, is actually in line with Fitch’s modeled credit enhancement levels.
In other parts of the world Unicredit Bank's $606.9 million is in the market with a revolving cash securitization of short-term SME loan receivables.
The loans backing the deal are mostly to German borrowers, but up to 10% are located in other European countries with a maximum of 5% of which are in Switzerland, according to a Moody's Investors Service presale report.
For further preliminary details on both deals, please see link below from the ASR Scorecards database.
