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

Monday, 12 August 2019

INITIAL PRICING: BBCMS Mortgage Trust, 2019-C4

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
Moody's
Rating
Fitch
Rating
Kroll
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 24.70 30.00 2.72 Aaa AAA AAA 99.999 1.979 +45 swaps
A-2 22.19 30.00 4.82 Aaa AAA AAA 102.999 2.111 +65 swaps
A-3 11.70 30.00 6.96 Aaa AAA AAA 99.996 2.500 +100 swaps
A-4 132.00 30.00 9.34 Aaa AAA AAA 100.997 2.542 +98 swaps
A-5 406.16 30.00 9.84 Aaa AAA AAA 102.995 2.575 +100 swaps
A-SB 35.61 30.00 7.01 Aaa AAA AAA 102.997 2.362 +86 swaps
A-S 100.76 19.25 9.93 Aa3 AAA AAA 102.995 2.827 +125 swaps
B 41.01 14.875 9.93 NR AA- AA- 102.992 2.978 +140 swaps
C 37.49 10.875 9.96 NR A- A- 99.998 3.478 +190 swaps
D 23.43 8.375 9.96 NR BBB BBB   4.328 +275 swaps
E 17.58 6.50 9.96 NR BBB- BBB-   5.328 +375 swaps
F 17.58 4.625 9.96 NR BB- BB-       Treas
G 9.37 3.625 9.96 NR B- B-       Treas
H-RR 33.98 0.00 9.96 NR NR NR       Treas
X-A 656.14* NA NA Aaa AAA AAA       Treas
X-B 179.27* NA NA NR A- AAA       Treas
X-D 41.01* NA NA NR BBB- BBB-       Treas
X-F 17.58* NA NA NR BB- BB-       Treas
X-G 9.37* NA NA NR B- B-       Treas

*Notional amount, interest only

Pricing Date: 9 August, 2019

Collateral balance: $937.34 million

Trepp/BBG Ticker: BBCMS 2019-C4

Bookrunner(s): Barclays Capital (57.3 percent of deal balance), SG Americas Securities (17.6 percent), UBS Securities (15.8 percent), Natixis Securities Americas (9.3 percent)

Lead Managers: Barclays Capital, SG Americas Securities, UBS Securities, Natixis Securities Americas

Co-managers: CIBC World Markets, Drexel Hamilton, Academy Securities

B-Piece Buyer: Rialto Real Estate Fund III - Debt LP

Risk Retention Type: Hybrid (L-Shaped)

Vertical Size, Holder: 4.24 percent of par value, Rialto Real Estate Fund III - Debt LP

Horizontal Size, Holder: 4.23 percent of par value, Rialto Real Estate Fund III - Debt LP

Risk Retention Consultation Party: Rialto Real Estate Fund III - Debt LP

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: Barclays Bank (22.3 percent of pool balance), Societe Generale (17.6 percent), UBS (15.8 percent), Starwood Mortgage Corp. (13.6 percent), Rialto Real Estate Fund III (12 percent), CIBC (9.4 percent), Natixis (9.3 percent)

Number of Loans/Properties:  73/377

Top-10 Concentration: 38.9 percent

Property Types: Office (32.4 percent of pool balance), hotel (17.9 percent), retail (15 percent), multifamily (14 percent), industrial (7.6...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: BBCMS Mortgage Trust, 2019-C4
  • Private: Yes
  • bloombergDealName: BBCMS 2019-C4
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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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