Analysts at Trepp said in a report Friday that commercial mortgage-backed security conduit deals pricing recently have been at levels wider than March pricings.
UBS and Barclays priced its $1.2 billion multiborrower CMBS conduit, UBS-BB 2013-C6
The 2.67-year class A-1 notes for the UBS-BB 2013-C6 deal priced at 35 basis points over swaps, the 4.93-year class A-2 notes priced at 55 basis points, the 9.73-year class A-3 notes priced at 96 basis points, the 7.27-yeat class A-SB notes priced at 90 basis points, and the 9.98-year A-S notes priced at 120 basis points, according to a pricing document. The tranches were rated AAA/AAA/Aaa, respectively, by Fitch Ratings, Kroll Bond Ratings and Moody’s Investors Service.
By comparison, Cantor and Deutsche Bank priced its 2.33 year triple-A notes at 34 basis points over swaps, the 4.63-year triple-A notes priced at 53 basis points, the 7.08-year triple-A notes priced at 87 basis points, and the 9.93-year triple-A notes priced at 93 basis points.
“The various new issue conduit 10-year AAA bonds have been talked or priced 8 to 13 basis points wider than the March levels,” said Trepp analysts in the report.
In early March, the Wells Fargo/RBS conduit, WFRBS Commmercial Mortgage Trust 2013-C12 priced as follows: 2.67-year AAA notes at 25 basis points, the 4.87 year AAA notes at 50 basis points, and the 9.92 year AAA notes at 85 basis points.
