Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 19 June 2020

INITIAL PRICING: BANK, 2020-BNK27

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
Fitch
Rating
Kroll
Rating
Moody's
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 2.53 30.00 23.00 AAA AAA Aaa 99.998 1.110 +85 swaps
A-SB 4.34 30.00 7.32 AAA AAA Aaa 102.995 1.819 +130 swaps
A-4 130.00 30.00 9.47 AAA AAA Aaa 100.999 1.784 +114 swaps
A-5 274.01 30.00 9.61 AAA AAA Aaa 102.994 1.802 +115 swaps
A-S 68.97 18.25 9.72 AAA AAA Aa2 102.993 2.207 +155 swaps
B 24.21 14.125 9.74 AA- AA- NR 102.998 2.559 +190 swaps
C 21.27 10.50 9.80 A- A- NR 98.105 3.512 +285 swaps
D 16.88 7.625 9.80 BBB BBB NR 81.512 4.912 +425 swaps
E 5.87 6.625 9.80 BBB- BBB- NR       swaps
F 10.57 4.875 9.80 BB+ BB- NR       Treas
G 5.87 3.875 9.80 B+ B- NR       Treas
H 22.76 0.00 9.80 NR NR NR       Treas
RR 30.89 0.00 9.58 NA NA NA       Treas
X-A 410.88* NA NA AAA AAA Aaa       Treas
X-B 114.46* NA NA A- AAA NR       Treas
X-D 16.88* NA NA BBB BBB NR       Treas

*Notional amount, interest only

Pricing Date: 19 June, 2020

Collateral balance: $617.86 million

Trepp/BBG Ticker: BANK 2020-BN27

Bookrunner(s): BofA Securities (32.7 percent of deal balance), Wells Fargo Securities (36.3 percent), Morgan Stanley (31 percent)

Lead Managers: Morgan Stanley, BofA Securities, Wells Fargo Securities

Co-managers: Academy Securities, Drexel Hamilton

B-Piece Buyer: LD II Holdco XI LLC (Prime Finance)

Risk Retention Type: Vertical

Vertical Size, Holder: 5 percent, BofA Securities, Wells Fargo Securities, Morgan Stanley 

Horizontal Size, Holder: NA

Risk Retention Consultation Party: BofA Securities

Master Servicer: Wells Fargo Bank

Special Servicer: CWCapital Asset Management

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust 

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Morgan Stanley (31 percent of pool balance), Bank of America (32.7 percent), Wells Fargo Bank (36.3 percent)

Number of Loans/Properties: 36/46

Top-10 Concentration: 65.9 percent

Property Types: Office (51.3 percent of pool balance), self storage (19.6 percent), retail (10 percent), hotels (9.9 percent), mixed use (8 percent), multifamily (1.2 percent)

Underwritten DSCR: 3.8x

Underwritten LTV: 51.0 percent

Underwritten Debt Yield: 13.0 percent

Weighted Average Mortgage Rate: 3.248 percent

Subordinate Debt: 4 loans (33.2 percent of pool balance)

Full-term IO Loans: 29 loans (92.3 percent of pool balance)

Partial-term IO Loans: 5 loans (5.9 percent of pool...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: BANK, 2020-BNK27
  • Private: Yes
  • bloombergDealName: BANK 2020-BN27
Read 175 times Last modified on Friday, 26 June 2020

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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