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

Tuesday, 05 December 2017

INITIAL PRICING: Bank of America Merrill Lynch Commercial Mortgage Trust, 2017-BNK9

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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 26.28 30.00 2.78 AAA AAA Aaa 99.999 2.300 +22 swaps
A-2 27.10 30.00 4.95 AAA AAA Aaa 99.996 2.759 +55 swaps
A-SB 39.69 30.00 7.44 AAA AAA Aaa 103.000 3.017 +71 swaps
A-3 300.00 30.00 9.81 AAA AAA Aaa 100.994 3.166 +79 swaps
A-4 307.66 30.00 9.92 AAA AAA Aaa 103.000 3.190 +81 swaps
A-S 41.29 23.875 9.99 AAA AAA Aa2 102.992 3.482 +110 swaps
B 82.59 16.625 9.99 AA- AA NR 102.997 3.682 +130 swaps
C 51.30 12.125 9.99 A- A- NR 101.327 4.132 +175 swaps
D 47.55 6.875 10.00 BBB- BBB- NR       swaps
E 21.27 4.25 10.24 BB+ BB- NR       Treas
F 15.02 3.25 10.25 B+ B- NR       Treas
G 41.29 0.00 11.25 NR NR NR       Treas
X-A 700.73* NA NA AAA AAA Aaa       Treas
X-B 175.18* NA NA A- AAA NR       Treas
X-D 47.55* NA NA BBB- BBB- NR       Treas
X-E 21.27* NA NA BB+ BB- NR       Treas
X-F 15.02* NA NA B+ B- NR       Treas
X-G 41.29* NA NA NR NR NR       Treas

*Notional amount, interest only

Pricing Date: 4 December, 2017

Collateral balance: $1,053.73 million

Trepp/BBG Ticker: BANK 2017-BNK9

Bookrunner(s): BofA Merrill Lynch (36.4 percent), Morgan Stanley (35.4 percent of deal balance), Wells Fargo Securities (28.2 percent)

Lead Managers: Morgan Stanley, BofAMerrill Lynch, Wells Fargo Securities

Co-managers: Drexel Hamilton

B-Piece Buyer: RREF III Debt AIV LP (Rialto Capital Advisors)

Risk Retention Type: Vertical

Vertical Size, Holder: 5 percent/Morgan Stanley, BofA Merrill Lynch, Wells Fargo Bank

Horizontal Size, Holder: NA

Risk Retention Consultation Party: Bank of America

Master Servicer: Wells Fargo Bank

Special Servicer: Rialto Capital Advisors

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Bank of America (36.4 percent of pool balance), Morgan Stanley (34.45 percent), Wells Fargo Bank (29.15 percent), National Cooperative Bank (2.5 percent)

Number of Loans/Properties: 45.89

Top-10 Concentration: 63.6 percent

Property Types: Office (32.1 percent of pool balance), retail (28.6 percent), hotels (22.1 percent), industrial (8.5 percent), multifamily (4 percent), other (1.8 percent), mixed use (1.1...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: Bank of America Merrill Lynch Commercial Mortgage Trust, 2017-BNK9
  • Private: Yes
  • bloombergDealName: BANK 2017-BNK9
Read 76 times Last modified on Tuesday, 05 December 2017

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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