Wednesday, August 4, 2010

GSMS 2010-C1 ($788.5mm) *UPDATED* Launch

GSMS 2010-C1

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


Anonymous said...

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

Concrete Jungle said...

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.

crabsofsteel said...

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.