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

Thursday, 26 September 2019

INITIAL PRICING: UBS Commercial Mortgage Trust, 2019-C17

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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 28.57 30.00 2.77 AAA AAA Aaa 100.000 1.986 +42 swaps
A-2 8.64 30.00 4.83 AAA AAA Aaa 100.000 2.304 +80 swaps
A-SB 49.48 30.00 7.29 AAA AAA Aaa 103.000 2.411 +90 swaps
A-3 197.00 30.00 9.72 AAA AAA Aaa 100.999 2.554 +100 swaps
A-4 260.36 30.00 9.87 AAA AAA Aaa 103.000 2.577 +102 swaps
A-S 58.28 22.50 9.92 AAA AAA Aa2 103.000 2.858 +130 swaps
B 34.97 18.00 9.92 AA- AA NR 103.000 3.048 +149 swaps
C 34.97 13.50 9.93 A- A NR 103.000 3.409 +185 swaps
D 22.34 10.625 10.00 BBB A NR 85.502 4.310 +275 swaps
E 19.43 8.125 10.00 BBB- BBB NR 81.929 4.810 +325 swaps
F 16.51 6.00 10.00 BB BB+ NR       Treas
G 8.74 4.875 10.00 B BB- NR       Treas
NR-RR 37.89 0.00 10.00 NR NR NR       Treas
X-A 544.03* NA NA AAA AAA Aaa       Treas
X-B 128.24* NA NA A- AAA NR       Treas
X-D 41.77* NA NA BBB BBB NR       Treas
X-F 16.51* NA NA BB BB+ NR       Treas
X-G 8.74* NA NA B BB- NR       Treas

*Notional amount, interest only

Pricing Date: 26 Sept., 2019

Collateral balance: $807.34 million

Trepp/BBG Ticker: UBSCM 2019-C17

Bookrunner(s): UBS Securities (55.8 percent of deal balance), Wells Fargo Securities (44.2 percent)

Lead Managers: UBS Securities, Wells Fargo Securities

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

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

Risk Retention Type: Hybrid

Vertical Size, Holder: 3.88 percent of par value, Rialto Real Estate Fund III - Debt LP

Horizontal Size, Holder: 4.69 percent of par value, Rialto Real Estate Fund III - Debt LP

Risk Retention Consultation Party: UBS

Master Servicer: Wells Fargo Bank

Special Servicer: Rialto Capital Advisors

Certificate Administrator: Wells Fargo Bank

Trustee: Wilmington Trust

Operating Adviser: Pentalpha Surveillance

Asset Representations Reviewer: Pentalpha Surveillance

Originators: UBS Securities (29.6 percent of deal balance), Wells Fargo Bank (17.9 percent), Rialto Mortgage Finance/Rialto Real Estate Fund III - Debt (29.4 percent), Ladder Capital Finance (13.7 percent), CIBC Inc.  (9.4 percent)

Number of Loans/Properties: 70/97

Top-10 Concentration: 37.4 percent

Property Types: Retail (22.9 percent of pool balance), hotels (21.8 percent), industrial (15.3 percent), office (13.6 percent), mixed use (9.7 percent), multifamily (9.4 percent), other (3.6 percent), manufactured housing (2.3 percent), self storage (1.3 percent)

Underwritten DSCR: 2.08x

Underwritten LTV: 60.5 percent

Underwritten Debt Yield: 10.4 percent

Weighted Average Mortgage Rate: 4.276 percent

Subordinate Debt: 2 loans (9.34...





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Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS Pricing (PRICE)
  • Deal Name: UBS Commercial Mortgage Securitization Corp., 2019-C17
  • Private: Yes
  • bloombergDealName: UBSCM 2019-C17
Read 451 times Last modified on Monday, 18 November 2019

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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