Morgan Stanley and Bank of America will issue a $1.3 billion CMBS conduit that has been assigned preliminary rating by Kroll Bond Rating Agency (KBRA).

The transaction called MSBAM 2013-C12 is collateralized by 72 fixed-rate commercial mortgage loans that are secured by 93 properties. The structure will offer investors 17 tranches of notes that range in ratings starting at ‘AAA’ and down the credit curve to ‘B’.

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