3 other tranches; 23 mortgages/48 properties; 78% retail; WAVG coupon 6.081%, 11% have additional debt. 25 & 30 Ams.
| Class | DBRS/Mdy | Size($mm) | WAL(yr) | CE% | Guidance | Launch px/sprd |
| A1 | AAA/Aaa | $ 232.00 | 4.96 | 18.50% | S+130a | $103/+125 |
| A2 | AAA/Aaa | $ 410.62 | 9.86 | 18.50% | S+140-145 | $103/+135 |
| B | AAA/Aa2 | $ 27.60 | 9.9 | 15.00% | S+200-225 | $103/+190 |
| C | AA/A2 | $ 35.48 | 9.9 | 10.50% | S+275-300 | $101/+265 |
| D | BBB(high)/Baa3 | $ 35.48 | 9.9 | 6.00% | S+375-400 | WAC/+400 |
Announced 7/28
Guidance 7/29
Launched 8/4 - inside of guidance!
Priced 8/4 - at Launch Levels
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3 comments:
The collateral properties in this deal are not very impressive. Low leverage means you're probably ok anyway, but I'd rather own OBP at just 15bps tighter
I'm sure God himself blessed this deal.
Sounds like they assigned some rights to the senior tranche to boot the special...
Pricing expected this week.
Never did I think I would see the day when GS would mingle with the likes of Citi. Feh! Instead of the controlling class being the lowest-rated class which has principal, now it's some percentage of all bondholders. It gives the senior bondholders some more control but I don't think it's very significant. What is welcome is that there are no longer different flavors of AAA. It's about time for that.
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