Thursday, October 7, 2010

JPMCC 2010-C2 $1.1bln Priced?

This deal purportedly priced very tight today, but I frankly didn't see it and don't even know the actual name - some help would be greatly appreciated...

The A3 priced at+150 (25 wider than the last LCF AAA) per Bloomberg, and the WSJ quotes Merrill's former, and Barclays' current, CMBS analyst Julia Tcherkassova that the collateral is mostly maturing loans from outstanding CMBS deals.

ClassS&P/FitchSize ($MM)WALSubordination
A-1AAA/AAA$266.70 4.2718.25%
A-2AAA/AAA$243.10 7.1818.25%
A-3AAA/AAA$390.50 9.7918.25%
BAA/AA$37.20 9.8914.88%
CA/A$53.70 9.9110.00%
DBBB+/BBB+$33.00 9.977.00%

Bloomberg also notes that
Deutsche Bank AG plans to sell $856.6 million of bonds backed by commercial mortgages, a person familiar with the offering said today. The securities are tied to 42 loans secured by 63 properties, said the person, who declined to be identified because terms aren’t public.

I did some digging and see a JPMCC 2010-CNTR ($485) from JPM on 9/13 - what was this?


Anonymous said...

cntr is a single-borrower deal (centro)

RealEstateRisk said...
This comment has been removed by the author.
RealEstateRisk said...

95% of JPMCC 2010-C2 amortizes (didn't think they even knew how to spell amortization) and underwriting mostly based on in-place income.

Of course most of the deal is retail; there are two pre-1980 regional malls in the top 10... The mezz debt on some of the loans doesn't help either.

A gem compared to 2007 issuance, but still garbage in my book.