UBS, Deutsche Bank and Jeffries priced a $1.3 billion of commercial mortgage bonds Tuesday,

The deal, COMM 2014-UBS5 Mortgage Trust Commercial Mortgage Pass-Through Certificates, or COMM 2014-UBS5, is the second price this month. It follows a $1.4 billion transaction from Wells Fargo and RBS dubbed WFRBS 2014-C22.

The 10-year, super senior class A4 notes of COMM 2014-UBS5 were sold at a spread of swaps plus 88 basis points, according to a person familiar with the deal. That was 2 basis points wide of guidance and 4 basis points wider than a similar tranche of the WFRBS 2014-C22.

The notes were assigned ‘Aaa’/ ‘AAA’/’AAA’ ratings by Moody’s Investors Service, Kroll Bond Ratings and Morningstar.

The 10-year AS senior tranche, rated ‘Aa1’/ ‘AAA’ /’AAA’ priced at swaps plus 123 basis points; wide of 115 basis points for a similar tranche of WFRBS 2014-C22.

Analysts at BofA Merrill Lynch noted in a report on Monday that the deals are the first new issues with sub-senior tranches that are split-rated, as opposed to being uniformly rated triple-A.

Further down the capital stack, the 10-year class B notes, rated ‘Aa3’/ ‘AA’/’AA’, priced at swaps plus 155 basis points. The ‘A3’/ ‘A’/ ‘A-’ rated, 10-year class C notes priced at swaps plus 200 basis points. The three classes of notes priced up to 10 basis points wider that the Wells Fargo/RBS deal.

The WFRBS 2014-C22 deal sold the 10-year super senior AAA bond at 84 over swaps, while the AA- and A- bonds priced at 145 and 190 over swaps, respectively. 

COMM 2014-UBS5 Mortgage Trust Commercial Mortgage Pass-Through Certificates, or COMM 2014-UBS5, are supported by the payment streams from 70 mortgage loans on 94 multifamily and commercial real estate properties. The largest loan exposure, Loews Miami Beach Hotel, is 8.5% of the portfolio balance. The second largest loan, Canyon Ranch Portfolio, is 5.3% of the portfolio balance. All of the remaining loans are less than 5.0% of the portfolio balance.

In addition to the two conduit deals, another eight conduit deals totaling about $10 billion and 12 single-borrower, floating-rate transactions totaling about $9 billion are expected to price over the next two months, according to several market reports. Analysts at BofAML said that this would bring gross issuance of private label CMBS for September and October to about $22 billion.

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