Wells Fargo and the Royal Bank of Scotland issued price guidance on the $1.2 billion commercial mortgage backed notes that are being offered publicly under WFRBS Commercial Mortgage Trust 2013-C11.

Fitch Ratings, Kroll, and Standard & Poor’s are all rating the deal. The class A notes are rated ‘AAA’; the class B notes are rated ‘AA-‘ and the class C notes are rated ‘A-‘.

According to a deal prospectus issued today, price talk for the class A-1 notes is at 26 basis points area; the A-2 notes are being talked  at 38 basis point area; the A-3 notes are being talked at 75 basis points area; the A-5 notes are being offered at 72 basis points area; the A-SB notes are being talked around the 60 basis points area; and the A-S notes are being talked at the 100 basis points area.

The class B notes and the class C notes are offered with price talk in the 150 basis point area and 200 basis point area respectively. The deal is expected to price on Friday or early next week.

The deal is backed by 82 commercial mortgages with an aggregate principal balance of $1.44 billion. The loans are secured by the 153 properties in 33 states.

Of the total trust balance, 34.6% is backed by office properties, 22.2% by retail assets, 13.5% by residential assets, 12.1% by hotels, 9.1% by industrial/warehouse properties, 7.0% by self-storage properties, and 1.5% by mixed-use properties.

Analysts at S&P said that secondary triple-A CMBS spreads have widened about 10bp over the past week, but new issue spreads are tighter than 2 weeks ago. Guidance for this latest deal is at or inside of the levels of the previous conduit deal to price, Morgan Stanley and Bank of America’s $1.23 billion   series 2013-C7.

The notes priced at 28 basis points over swap rates with a coupon of 0.738% for the class A-1 notes; 36 basis points with a coupon of 1.863% for the class A-2 notes; 60 basis points with a coupon of 2.469% for the class A-AB notes; 72 basis points with a coupon of 2.918% for the class A-4 notes; 100 basis points with a coupon of 3.214% for the class A-S notes; 155 basis points with a coupon of 3.769% for the class B notes; and 200 basis points with a coupon of 4.189% for the class C notes.

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