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Wednesday, 08 August 2018

INITIAL PRICING: CSAIL Commercial Mortgage Trust, 2018-CX12

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Class Amt
$mln
Sub
Level%
Avg
Life (yrs)
Rating
Fitch
Rating
DBRS
Rating
Moody's
Pricing
%
Yield% Final
Pricing (bp)
Bnch
mark
A-1 15.99 30.00 2.28 AAA AAA Aaa 100.000 3.183 +30 swaps
A-2 136.47 30.00 4.51 AAA AAA Aaa 103.000 3.409 +46 swaps
A-3 115.00 30.00 9.65 AAA AAA Aaa 100.999 3.846 +84 swaps
A-4 173.99 30.00 9.83 AAA AAA Aaa 103.000 3.868 +86 swaps
A-SB 29.40 30.00 7.34 AAA AAA Aaa 103.000 3.697 +72 swaps
A-S 67.27 20.00 9.96 AAA AAA Aa2 103.000 4.110 +110 swaps
B 23.54 16.50 9.96 AA- AA NR 102.999 4.260 +125 swaps
C 26.91 12.50 9.96 A- Ahigh NR 102.157 4.660 +165 swaps
D 18.16 9.80 9.98 BBB- A NR 85.567 5.310 +230 swaps
E-RR 12.11 8.00 9.98 BBB- BBBhigh NR       Treas
F-RR 15.98 5.625 9.98 BB- BBBlow NR       Treas
G-RR 7.57 4.50 9.98 B- BBhigh NR       Treas
NR-RR 30.27 0.00 9.98 NR NR NR       Treas
X-A 538.13* NA NA AAA AAA Aa1 4.791 4.091 +120 Treas
X-B 50.45* NA NA A- Alow NR 1.081 4.721 +180 Treas
X-D 18.16* NA NA BBB- Ahigh NR       Treas

*Notional amount, interest only

Pricing Date: 8 August, 2018

Collateral balance: $672.66 million

Trepp/BBG Ticker: CSAIL 2018-CX12

Bookrunner(s): Credit Suisse (67.3 percent of deal balance), Natixis (32.7 percent)

Lead Managers: Credit Suisse, Natixis

B-Piece Buyer: Argentic Securities Holdings

Risk Retention Type: Horizontal

Vertical Size, Holder: NA

Horizontal Size, Holder: 9.8 percent of par; Argentic Securities Holdings

Master Servicer: Wells Fargo Bank

Special Servicer: LNR Partners

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Park Bridge Lender Services

Asset Representations Reviewer: Park Bridge Lender Services

Originators: Column Financial (36.4 percent of pool balance), Natixis (32.7 percent), Argentic Real Estate Finance (21.1 percent), Rialto Mortgage Finance (9.8 percent) 

Number of Loans/Properties: 41/116

Top-10 Concentration: 63.5 percent

Property Types: Office (28.1 percent of pool balance), hotels (20.9 percent), retail (19.3 percent), multifamily (11.7 percent), industrial (8.6 percent), mixed use (7.2 percent), other (4.2 percent)

Underwritten DSCR: 2.07x

Underwritten LTV: 55.5 percent

Underwritten Debt Yield: 11.5 percent

Weighted Average Mortgage Rate: 4.7871 percent

Subordinate Debt:  loans (30 percent of pool balance)

Full-term IO Loans:  loans (46.7 percent of pool balance)

Partial-term IO Loans: loans (24.4 percent of pool balance)

Largest loans:

  • $64 million piece of a $900 million financing package contributed by Natixis against the land beneath the mixed-use building at...




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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: CSAIL Commercial Mortgage Trust, 2018-CX12
  • Private: Yes
  • bloombergDealName: CSAIL 2018-CX12
Read 103 times Last modified on Friday, 10 August 2018

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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