Wells,RBS CMBS Conduit Next to Price

Wells Fargo and RBS Securities are set to price the fourth CMBS conduit deal of 2014, dubbed WFBRS 2014-LC14, this week.

Price guidance for the 10-year, super senior notes are at swaps plus 90 basis points area, similar to pricing levels on Goldman Sachs and Citigroup’s CMBS conduit GSMS 2014-GC18.

On Friday, the super-senior notes on the Morgan Stanley and Bank of America CMBS conduit have priced at swaps plus 89 basis points.

Further down the credit curve, WFBRS 2014-LC14 is offering its ‘AA’ rated, 9.92-year, B notes at swaps plus 165 to 175 basis points.

Analysts at Bank of America said in a report on Friday that they expect over $15 billion of private label CMBS gross issuance in the first two months of 2014 and about $105 to $110 billion of private label CMBS gross issuance for the full year.