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

Thursday, 26 September 2019

INITIAL PRICING: UBS Commercial Mortgage Trust, 2019-C17

Written by 
Rate this item
(0 votes)

Class Amt
Life (yrs)
Yield% Final
Pricing (bp)
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...


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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







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




cppichart FP



CMBS 2.0 Spreads


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





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds