Should price middle of April...
Realpoint rated...
SOLE BOOKS/LEAD: RBS
JOINT LEAD : Natixis
CO-MANAGERS : BAS,BARC,CITI
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CLS SIZE(MM) MDY/RP WAL WIN C/E% CUM.LTV% MOST RECENT
DEBT YLD %
A1 18.700 Aaa/AAA 2.48 5/10-2/15 22.25 41.5 20.3
A2 222.091 Aaa/AAA 4.93 2/15-4/15 22.25 41.5 20.3
B 18.575 Aa2/AA 4.98 4/15-4/15 16.252 44.7 18.9
C 20.900 Aa2/A 4.98 4/15-4/15 9.504 48.3 17.5
D 29.434 Baa3/BBB- 4.98 4/15-4/15 0.000 53.4 15.8
6 loans, 81 propertys. 66.3% Retail, 32.7% office, 0.9% industrial
37.8% TX, 23.4% NY
2.4x DSCR
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5 comments:
5-year debt; LTVs as high as 71%; some amortizing, some IO; Strip Centers in BFE to NY office; collateral quality is mediocre - includes some DDR sponsored SC but also some CBD Office with low LTV and high occupancy and below market rents rolling during the term.
The largest loss ever in a CMBS deal was in a 1997 large loan deal. I haven't seen the loans yet, but if equally sized, default on any two of them could take out the senior AAAs. This deal has been announced but is not yet up on Bloomberg or the other services. If it sells, it may not price very well.
What are you talking about? Everything is fine. It'll price tight of guidance and get upsized to include the mezz pieces due to high demand.
April Fool's!
Haha. Moodys must also be kidding when they put JPMCC 07-LD11 A4 on watchlist. Wasn't it just six months ago that they insisted that their AAA rating on super senior paper wsa rock-solid money-good and certainly better than S&P's?
details on the deal and loans are out. 66% retail, but they show tenant data for only 5 out of 80+ properties. Realpoint came out with a 65 page pre-sale. BBB- piece has 0% credit enhancement? I think it's poor deal management by RBS; this is not how to bring a deal to market.
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