Royal Bank of Scotland's (RBS) Commercial Funding has a $309.7 million CMBS deal that, when sold, would become the first conduit sale in about two years and could serve as benchmark for the selling these type of transactions, according to Reuters Report.

The securitization is backed by 81 commercial real estate properties in Texas, New York, Missouri, Wisconsin and New Jersey and primarily comprises retail and office properties. RBS and Natixis are underwriting the sale of securities that are expected to price later this week.

According to Reuters, price guidance for the securitization's largest $222 million triple-A rated 4.93-year issue is seen at 90 basis points over swaps. The second triple-A rated 2.48-year issue is expected to price at a spread of 80 basis points over swaps.

The capital structure also offers a double-A rated 4.98-year issue that is expected to price at a spread of 190 basis points over swaps, and a single-A rated 4.98-year tranche that is expected to price at a spread of 290 basis points over swaps. The triple-B rated tranche is expected to price at a spread of 425 basis points over swaps, said the Reuters report.

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